The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a Syndicated Murabaha term sheet for supporting Suriname›s economic development through financing strategic imports. The signing took place during the visit of Gillmore Hoefdraad, Minister of Finance of Suriname & IDB Governor at the ITFC Headquarters in Jeddah where he had signed the term sheet with Eng. Hani Salem Sonbol, CEO ITFC. The $30 million operation, in favor of Suriname, is for financing the agricultural, medical and industrial sectors. Supplies that will be purchased under this transaction includes basic goods, raw material for production of the basic goods, inputs for the agriculture sector in addition to medicine and medical supplies. Commenting on the signing, Eng. Hani Salem Sonbol said "this trade financing is at the heart of ITFC's role in supporting the development of strategic commodities that underpin a nation's economic welfare and thus provide sustainable livelihoods to a significant proportion of the population." Moreover, ITFC is indirectly contributing to the social welfare of Surinamese and contributing to reducing unemployment. Gillmore Hoefdraad commended the role of the IDB Group in Suriname's socio-economic development. He also added that Suriname relies heavily on imports for consumption; and this operation will benefit all economic sectors. "Sustaining these imports is of strategic importance to the economic development of the country." The IDB Group has provided operations amounting to $145 million for the health, education and transport sectors. — SG
