The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has renewed its commitment to supporting the Union of Comoros through impactful trade finance solutions. These initiatives continue to strengthen the country’s energy security, food supply systems, and economic diversification efforts.
Comoros, home to roughly 850,000 people, relies heavily on imported petroleum products and food goods due to the absence of domestic oil production and modest agricultural capacity. Since 2008, ITFC has played a central role in the country’s development, approving more than US$799.3 million in trade financing to meet national priorities.
A significant portion of ITFC’s support—US$655.4 million—has been dedicated to enhancing the nation’s energy sector. This financing enables Comoros to secure its entire annual requirement of refined petroleum products, estimated at 100,000 m³, ensuring a reliable energy supply despite global price fluctuations. In 2023, ITFC partnered with the state-owned hydrocarbons company, Société Comorienne des Hydrocarbures (SCH), to implement an Integrated Trade Solution (ITS). Through a Reverse Linkage program, SCH staff received specialized training at the STIR Refinery in Tunisia, gaining skills in Islamic finance, trade negotiation, and oil storage management. This initiative safeguards approximately 480 jobs, nearly 200 of which are held by women, while strengthening intra-OIC trade since more than 70% of the country’s petroleum imports come from OIC member states.
To address ongoing global food price challenges, ITFC approved a EUR 20 million trade finance facility in 2024 to help secure the nation’s food supply. The facility supports the importation of essential staples such as rice, flour, sugar, oil, and meat. In 2023, Comoros imported 91,929.94 metric tons of food products valued at EUR 62.7 million. The newly approved financing will cover about 31.9% of the country’s annual food procurement needs, ensuring greater affordability and availability for households. This intervention also supports 50 to 75 local micro and small enterprises, helping sustain more than 2,500 jobs. To date, ITFC has provided over US$143.9 million in financing for agriculture and food security in Comoros.
ITFC is also advancing the growth of Islamic finance in the country through partnerships with local financial institutions, including AFG Bank and BDC. These collaborations expand access to Letter of Credit (L/C) confirmation facilities and strengthen the domestic banking sector, aligning with Comoros’ efforts to diversify its economy.
Through these targeted interventions, ITFC continues to support Comoros’ long-term development by securing energy supplies, stabilizing food systems, empowering local businesses, and fostering stronger regional cooperation. Its integrated trade finance solutions enhance the country’s resilience to external shocks and contribute to inclusive and sustainable economic growth.
Watch the Comoros project video: https://apo-opa.co/3LDt6Wv
Distributed by APO Group on behalf of the International Islamic Trade Finance Corporation (ITFC).