Maldives signs $1.5 billion trade financing deal with ITFC

The Maldives government has signed a $1.5 billion trade financing framework agreement with the International Islamic Trade Finance Corporation (ITFC). The five-year agreement, spanning from 2026 to 2031, was signed by Minister of Finance Hasan Zareer and ITFC CEO Engineer Adeebu Yusuf Al-Aama.

The facility is designed to provide trade financing to the government and through Maldivian banks to the private sector. Key areas of support include the importation of food and essential goods, as well as expanding the export of Maldivian products. The agreement also includes provisions for technical assistance and training for both state-owned and private enterprises.

Minister Hasan Zareer noted that previous assistance has expanded from strictly government sectors to include food, medicine, fisheries, and small and medium-sized enterprises. Since 2008, the ITFC, which is an institution of the Islamic Development Bank (IsDB) group, has provided a total of $3.3 billion in financial assistance to the Maldives.