Independent Report
The International Islamic Trade Finance Corporation has strengthened its cooperation with the Republic of Djibouti by signing a sovereign financing facility worth $35 million to support the country’s bunkering services sector. The agreement was signed at the corporation’s headquarters in Jeddah by ITFC Chief Executive Officer Adeeb Yousuf Al-Aama and Djibouti’s Minister of Economy and Finance in charge of Industry, Ilyas Moussa Dawaleh.
The financing aims to enhance Djibouti’s economic growth and diversify revenues by improving the competitiveness of the Djibouti Port as a comprehensive maritime services hub. Under the arrangement, Red Sea Bunkering will act as the executing agency and use the facility for the procurement of refined petroleum products, strengthening operational capacity and service delivery.
ITFC officials said the agreement reflects continued support for Djibouti’s development priorities, including energy security, port efficiency and trade facilitation. Djibouti’s government described the deal as a milestone in expanding maritime and logistics services and reinforcing the country’s regional role.
The facility falls under a broader three-year framework agreement valued at $600 million, signed in 2023, highlighting the long-standing partnership between the two sides.
