The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti. This facility will support the development of the country’s bunkering services sector.
The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.
Financing Facility
The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification. It will do this by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port.” The port will offer comprehensive vessel-related services.
With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support Djibouti’s procurement of refined petroleum products. As a result, it will boost RSB’s bunkering operations and enhance revenue diversification. This will also help consolidate Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.
Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated: “This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation.
“We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”
H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services.
We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”
This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.
