- News & Stories
- OFID supports the Maldives’ energy access
OFID supports the Maldives’ energy access
OFID is participating with US$35 million in financing syndicated by the International Islamic Trade Finance Corporation (ITFC) in favor of the State Trading Organisation (STO) in the Maldives.
OFID’s contribution to the ITFC syndicated financing – the aggregate amount of which is US$150 million – will help secure the required amount of refined petroleum products in the country. The Maldives depends on imported petroleum products for its power generation and aviation fuel, among other things. The syndication will also help ease the working capital requirement of STO.
OFID’s support to the STO began in 2017. Since then, OFID has disbursed over US$70.94 million in support of the company’s activities.