The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to enhance its bunkering services sector and strengthen its role as a regional maritime and trade hub.
The agreement, signed at ITFC’s headquarters in Jeddah, Saudi Arabia, was formalized by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and H.E. Ilyas Moussa Dawaleh, Djibouti’s Minister of Economy and Finance in charge of Industry. The facility is part of a larger US$600 million, three-year framework agreement signed in May 2023, underscoring the long-standing and growing partnership between ITFC and Djibouti.
The financing aims to support Red Sea Bunkering (RSB), the executing agency, in procuring refined petroleum products to strengthen bunkering operations. By boosting the competitiveness of Djibouti Port as a “one-stop port” offering comprehensive vessel-related services, the facility is expected to contribute to the country’s economic growth, revenue diversification, and regional logistics prominence.
Commenting on the development, Eng. Adeeb Yousuf Al-Aama said “This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”
H.E. Ilyas Moussa Dawaleh added “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services.”
Since 2008, ITFC and Djibouti have maintained a strong collaboration, approving a total of US$1.8 billion primarily to support the country’s energy sector and trade development initiatives. The new facility reinforces Djibouti’s position as a key logistics and trading hub in the Horn of Africa and wider region.
Distributed by APO Group on behalf of Energy Capital & Power
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