The International Islamic Trade Finance Corporation (ITFC) has signed a new deal with the island nation of Comoros. The agreement is worth €40 million, or about $45.43 million. This money will help Comoros get a steady supply of fuel. The Saudi Press Agency shared the news on May 21, 2025.
ITFC is part of the Islamic Development Bank Group. It gives money to help poor and developing countries grow through trade. This deal with Comoros is called a Murabaha agreement. It is a form of Islamic finance. It follows Shariah law and avoids interest. This type of deal is often used in energy and trade.
The money will help Comoros get the fuel it needs. This is very important. Without fuel, many parts of the country could slow down. Farms, factories, and hospitals all need energy to work. This deal will help make sure there is no break in fuel supply. It means people can work, study, and live without worry.
This deal also helps Comoros move toward a bigger goal. The United Nations has a goal to give everyone access to clean and cheap energy by 2030. This is called SDG 7. The ITFC deal supports this goal. It helps Comoros have a better fuel supply and plan for cleaner energy in the future.
Comoros is a small country in the Indian Ocean. Like other small countries, it has problems when fuel prices change or fuel is hard to get. This deal makes Comoros safer from these problems. With a steady fuel supply, the country can make better plans for the future. Farmers will have fuel for their machines. Factories can keep making goods. Schools and hospitals will have the energy they need.
ITFC’s help means the country is less likely to face fuel shortages. This is good for daily life. It also helps the country grow in a stable way. Energy is key to building a strong economy. This new deal shows that ITFC wants to keep working with Comoros for the long term.
ITFC has helped Comoros many times before. Since 2008, it has given more than $657 million to the country. In September 2023, they signed a $330 million deal. That deal was meant to cover the country’s yearly fuel needs. The new $45 million deal is part of that bigger plan. Together, these deals help Comoros grow.
ITFC works with many countries that are part of the Organization of Islamic Cooperation. It has given more than $83 billion in trade finance so far. Its goal is to help these countries grow by boosting trade. This includes help with fuel, raw materials, and building things. ITFC uses Islamic finance to do this work. The Murabaha method used in this deal avoids charging interest. Instead, ITFC buys goods and sells them at a fixed profit. This is fair and works well in trade.
Even though this deal is for petroleum, it is also part of a bigger plan. The goal is to help Comoros use more green energy in the future. It will also help the country use fuel in a smarter way. Over time, this will help cut pollution and reduce the need to import fuel.
This deal is also part of a bigger effort to help all of Africa. Many African countries face energy problems. These problems slow down growth. By fixing energy supply issues, these countries can build new jobs and improve life for their people.
Still, there are challenges ahead. Energy systems need to be fixed and improved. Comoros must also start using more clean energy. This deal gives them a chance to do that. With support from ITFC, Comoros can keep moving forward.
This $45 million deal is a big step. It gives Comoros fuel when it needs it, helps the economy grow, and supports clean energy plans. The strong ties between ITFC and Comoros make this deal possible. With more help and focus, Comoros can have a bright and secure energy future.
