- The Maldives signed a five-year framework with ITFC to mobilise up to USD 1.5 billion for essential imports, state-owned enterprises and private businesses from 2026 to 2031.
- Financing will support imports of food, fuel and medical products, while widening trade finance access for SMEs through Maldivian financial institutions.
- The previous 2019-2024 framework saw ITFC disburse USD 1.5 billion, with total approvals for the Maldives exceeding USD 3.3 billion since 2008.
The Maldives has signed a new five-year framework with the International Islamic Trade Finance Corporation (ITFC) to mobilise up to USD 1.5 billion for essential imports, state-owned enterprises and eligible private businesses.
Covering 2026 to 2031, the agreement could help maintain supplies of food, fuel, medical products and other strategic commodities while widening access to trade finance for small and medium-sized enterprises.
Finance Minister Hassan Zareer signed the agreement at the Finance Ministry in Malé with ITFC Chief Executive Officer Eng. Adeeb Yousuf Al Aama.
Under the framework, financing may be provided for the import and export of essential and strategic commodities. State-owned enterprises and qualifying private-sector companies will also be eligible for support.
Financing lines may additionally be established through Maldivian financial institutions, creating a channel through which SMEs and other businesses could obtain funding for trade operations.
The government and ITFC will also explore technical assistance, advisory services and programmes intended to improve trade capacity and access to international markets. These initiatives will be aligned with the Maldives’ national development priorities.
Minister Zareer said ITFC’s involvement in the Maldives had expanded from supporting the country’s energy requirements to a broader partnership covering trade and development.
According to Minister Zareer, ITFC financing now supports imports of staple foods and medical supplies while contributing to economic activity in sectors including fisheries and SMEs.
Minister Zareer identified the rollover trade finance facility provided to State Trading Organization (STO) since 2017 as an important part of the partnership. He said the arrangement provides liquidity for bulk purchases of essential commodities and greater predictability for state trading operations.
Minister Zareer also described ITFC as a reliable development partner during periods of volatility in global markets.
Al-Aama said the new framework builds on several years of cooperation and will expand ITFC’s engagement with Maldivian financial institutions and the private sector. He said the corporation would work with the government and other partners to mobilise financing for essential trade.
The previous five-year framework between the Maldives and ITFC was signed in 2019 and concluded in October 2024. During that period, ITFC approved USD 1.7 billion and disbursed USD 1.5 billion in financing.
Since beginning operations in 2008, ITFC has approved more than USD 3.3 billion for the Maldives. The funding has supported imports of petroleum products, food, medical supplies and construction materials, as well as private-sector operations.
During his visit, Al-Aama met President Dr Mohamed Muizzu, Minister Zareer and Maldives Monetary Authority Governor Ahmed Munawar. The discussions focused on expanding cooperation in trade finance and supporting the country’s wider economic priorities.
The ITFC delegation also met representatives of STO, its main financing partner in the Maldives. It visited STO’s food warehouses in Malé and the Funadhoo Oil Terminal to review operations involving commodities financed through ITFC facilities.
