Comoros has taken a major step toward energy stability with a new financial agreement supported by Saudi Arabia. The International Islamic Trade Finance Corporation (ITFC) signed a Murabaha financing boost for Comoros worth €40 million ($45.43 million) to improve its energy supply.
This deal aims to ensure a consistent flow of refined petroleum products into Comoros. It will help the country support important sectors like agriculture, services, and manufacturing. The Murabaha financing boost for Comoros will directly address fuel shortages and improve energy access nationwide.
ITFC, part of the Islamic Development Bank Group, has a long history of helping developing economies. Since 2008, ITFC has provided Comoros with over $657 million in total financing. This latest agreement highlights the continued trust and partnership between the two parties.
Additionally, the agreement supports the United Nations Sustainable Development Goal 7. This goal focuses on providing clean, reliable, and affordable energy for all by 2030. The deal encourages more renewable energy projects, improved fuel efficiency, and expanded infrastructure in Comoros.
Saudi Arabia has played a key role in making this agreement possible. It reflects the Kingdom’s goal to deepen economic cooperation with African nations. The Murabaha financing boost for Comoros is part of a larger $330 million framework signed in 2023. That broader deal aims to fully meet Comoros’ annual fuel demand.
Murabaha financing follows Islamic banking principles. It avoids interest and focuses on trade-based transactions. This structure is ideal for developing countries seeking to build infrastructure while remaining Shariah-compliant. It also helps promote sustainable, inclusive growth across energy-related sectors.
The ITFC continues to support member countries by offering financial tools that promote trade and development. With over $83 billion provided to member nations, the organization helps improve lives through strategic partnerships.
