Friday 15 November 2019

ITFC signs $154m deal to import natural gas

TUNIS, February 7, 2019

The International Islamic Trade Finance Corporation (ITFC) has signed $154 million financing agreement with  the Tunisian Company of Electricity and Gas (STEG) to finance the imports of natural gas.

Zied Ladhari, Minister of Development, Investment and International Cooperation,. Hani Salem Sonbol, CEO ITFC inked the agreement in the presence of Dr Slim Feriani, Minister of Industry and SMEs, and  Moncef Harrabi, general manager of STEG in Tunis.

"ITFC strives to develop it relationship further with Tunisia through providing trade integrated solutions to support its strategic sectors. This signing is a stepping stone towards signifying our cooperation and partnership with the Tunisian Government, which in turn contributes to the country’s Sustainable Development Plans,” commented Sonbol.

Ladhari stressed on the importance of financing to help secure the natural gas needs of STEG to produce electricity as well as the domestic consumption in response to the necessary energy needs for the benefit of the citizens.

He also expressed his satisfaction with the existing cooperation with ITFC which is considered as one of Tunisia's leading partners in financing many national institutions for the imports of strategic materials as crude oil, petroleum products, steel and others.

In his statement, Dr Slim Feriani commented on the importance of the partnership with ITFC and its role in supporting a number of public institutions by financing their strategic raw materials.

The agreement is part of the framework agreement adopted at the Annual Meeting of the IsDB Group in Tunis in 2018, on the financing of the needs of national strategic commodity institutions for the period 2018-2020 with total amount of 1.5 billion, the Tunisian Electricity and Gas Company, the Tunisian Steel Manufacturing Company and the Tunisian Company for Refining Industries and the Central Pharmacy. – TradeArabia News Service


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