The International Islamic Trade Finance Corporation (ITFC) has signed a US$60mn syndicated structured finance deal with Indonesian sugar refinery, PT Angels Products in Jeddah.

The loan will be used to purchase raw sugar for domestic demand.

“The deal with PT Angels is now into its third year successfully and ITFC is particularly proud to be engaged in this commodities sector as it impacts the livelihood of Indonesians,” ITFC chief executive officer Waleed Al-Wohaib tells GTR.

“Being a net importer of sugar, Indonesia relies on companies like PT Angels to fulfil the demand for sugar, and with ITFC’s financing a part of Indonesia’s sugar imports are fulfilled.”

PT Angels Products president director, Tony Wijaya explains to GTR that ITFC has opened its door to many possibilities. “With its innovation, we are able to conduct business more efficiently and the partnership has also created new opportunities for further projects. The tailor made financing structure put in place helps us to run our businesses seamlessly.”

ITFC also closed a US$50mn murabaha financing with Kenana Sugar Company (KSC) in Sudan in mid-2010. Itwas the ITFC’s first co-financed operation with OPEC Fund for International Development (OFID) in the private sector.