ITFC provides US$10m financing to ensure food security in Comoros

COMOROS – The International Islamic Trade Finance Corporation (ITFC) has issued EUR 10 million (US$10.7m) to Comoros to be channelled towards importation of food commodities.

The financing line will facilitate the import of rice, cooking oil, flour, and wheat, therefore powering intra-OIC trade as well as providing direct benefits to the Comorian people.

Since 2008, ITFC has approved more than US$ 500 million in cumulative financing in favor of the Union of Comoros to ensure the country’s food security.

Commenting on the signing, Eng. Hani Salem Sonbol stateD, “ITFC is working with OIC member countries and partners to provide solutions that directly impact the lives of communities, including improving food security. We are pleased to see that these impacts are central to the new financing for Comoros.

“Equally important is that the agreements also enhance intra-OIC trade and are aligned with the United Nations Sustainable Development Goals (UN SDGs).

“At ITFC, we are committed to increasing the impact of trade and we shall keep working together with our partners to achieve our collective goals.”

The Minister of Finance, Budget and Banking Sector of the Union of Comoros, H.E. Kamalidini Souef added, “We are pleased to sign the financing agreement with ITFC, a key development partner of the Union of Comoros since 2008. 

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“This support to increase the supply in key sectors of our economy such food commodities has positively impacted the living conditions of the people of Comoros.  We look forward to further cooperation between Comoros and ITFC.”  

To build on this partnership, ITFC will look to formulate strategic cooperation with the Union of Comoros to support the country’s sustainable development plan and provide the necessary financing and capacity building to achieve its economic development goals.

According to FAO, Comoros is a net importer of food products accounting to about 70% of its food, and the import rate of some foods, such as poultry, is as high as 90 percent.

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The United Nation organization has further highlighted that half of the population (about 500 people), do not have enough to eat, and malnutrition rates are amongst the highest in the world.

To guarantee safety and quality of food in the market, the country recently received US$3.8m support from COMESA and the European Union (EU) for development of an efficient national Sanitary and Phytosanitary System (SPS).

The support aims to address the regulatory deficit within the national sanitary and phytosanitary system and further ensure food safety and quality control within the country.

In addition, it will guarantee the control of the processing, packaging, storage, handling or distribution of food and feed products going to the local market, imports and exports.

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