ITFC signs $ 1.5 b framework agreement with Maldives Govt.

ITFC Chief Executive Officer Eng. Adeeb Yousuf Al-Aama (left) with Maldives Finance and Public Enterprises Minister and IsDB Governor for the Maldives Hassan Zareer 

• Islamic Development Bank Group member to support trade financing operations in the Maldives between 2026 and 2031

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, and the Government of the Republic of Maldives have signed a new five-year Framework Agreement. 

Under the agreement, ITFC will mobilise up to $ 1.5 billion to support trade financing operations in the Maldives between 2026 and 2031.

The agreement was signed at the Ministry of Finance and Public Enterprises in Malé recently by ITFC Chief Executive Officer Eng. Adeeb Yousuf Al-Aama and Maldives Minister of Finance and Public Enterprises and IsDB Governor for the Maldives Hassan Zareer during the ITFC CEO’s official visit to the country.

As part of the visit, Maldives President Dr. Mohamed Muizzu granted audience to CEO Eng. Adeeb Al-Aama, to discuss strengthening cooperation between ITFC and the Maldives and supporting the country’s economic priorities.

The Framework Agreement covers financing for the import of essential and strategic commodities, primarily through state owned enterprises, as well as lines of financing to local banks in the Maldives to support SMEs and the private sector. The parties will also explore trade-related technical assistance and advisory services to enhance trade capacity and market access, in line with the Maldives’ development agenda.

Minister Hassan Zareer said: “Since its establishment, ITFC has been a steadfast development partner to our nation. What began as crucial support for our energy requirements has evolved into a comprehensive partnership spanning the importation of staple foods and medical supplies, while catalysing growth in the vital sectors such as fisheries and SMEs. A key anchor of this relationship is the ongoing revolving trade finance facility extended to STO since 2017, which continues to provide vital liquidity support, ensuring uninterrupted bulk procurement of essential commodities and guaranteeing operational predictability for state trade. During periods of global volatility, ITFC has consistently proven to be among our most dependable development partners.”

ITFC CEO Al-Aama said: “This new Framework Agreement builds on a partnership that has developed over many years. Through the agreement, ITFC will work with the Government and its partners to mobilise financing for essential commodities as well as support to the private sector through local financial institutions. We will continue to work with the Maldives on the trade financing priorities identified by the Government whilst exploring further cooperation in the areas of trade development.”

The new agreement follows the first five-year Framework Agreement between ITFC and the Maldives, signed in 2019 and concluded in 2024, during which ITFC approved $ 1.7 billion.

Since its inception in 2008, ITFC has approved more than 

$ 3.3 billion in financing for the Maldives for the import of petroleum products, staple food, medicine and medical equipment, and construction materials, alongside financing for the private sector.

In addition to the signing, Eng. Adeeb Al-Aama held discussions with Maldives Minister of Finance and Public Enterprises Hassan Zareer and the Maldives Monetary Authority Governor Ahmed Munawar, on strengthening cooperation and exploring ways for further supporting the country’s economic priorities. He also met with STO Managing Director and CEO Shimad Ibrahim, and other senior officials of the Government.