The Union of the Comoros and the International Islamic Trade Finance Corporation (ITFC) have signed a new €330 million framework agreement to bolster key sectors such as energy, agriculture, and small and medium-sized enterprises (SMEs), while enhancing the nation’s food security.
This new partnership, signed by ITFC CEO Engineer Hani Salem Sonbol and Comorian Finance Minister Mohamed Ibrahim Abdourazak, represents a significant milestone in the ongoing economic collaboration between the two entities. According to a press release shared on Thursday, the agreement strengthens the economic ties between Comoros and the ITFC, a member of the Islamic Development Bank (IDB) Group.
The three-year agreement builds on the achievements of a previous framework of the same amount, which successfully met “83 percent” of its objectives. The new commitment focuses on fostering economic development in several strategic areas, including energy, agriculture, and support for SMEs.
Since 2008, the ITFC has approved over $712 million in financing for Comoros, underscoring its dedication to supporting the country’s economic growth. The new partnership also aims to mobilize additional financial resources to advance the long-term objectives outlined in the Comoros Emerging Plan.
“We are proud to strengthen our partnership with the Union of the Comoros through this new Framework Agreement, which reflects our shared commitment to sustainable economic development,” said Mr. Sonbol at the signing ceremony. He emphasized the importance of prioritizing energy, agriculture, and SMEs as key drivers of economic growth for Comoros.
In addition, the agreement addresses food security, a pressing issue for Comoros. A €20 million Food Security Facility has been established, supported by two local banks—Comoros Development Bank (BDC) and Banque AFG. This initiative aims to ensure a stable supply of essential food products at affordable prices, a critical need given the current global economic climate.
Comorian Finance Minister Mohamed Ibrahim Abdourazak hailed the agreement as “an important milestone for the development of vital sectors such as energy, agriculture, and SMEs, the engines of our economy.” He reiterated the government’s commitment to the goals of the Plan Comores Emergentes and expressed gratitude to the ITFC for its continued support.
Beyond this agreement, the ITFC is expanding its sustainable development initiatives in Comoros. These include capacity-building projects like the Reverse Linkage Project with Morocco in sustainable tourism and support for equipping the Central Vanilla Purchasing and Marketing Center under AfTIAS 2.0, an Aid for Trade program for Arab nations.
