The International Islamic Trade Finance Corporation (ITFC) has signed a US$40mn financing agreement with Tajikistan for the imports of gasoline and diesel.

ITFC says it is aiming to expand its trade financing in the CIS countries, and in particular Tajikistan due to the country’s ongoing energy shortages. The ITFCs latest agreement will support the import of oil products from countries including Azerbaijan, Turkmenistan, Russia and Belorussia into Tajikistan to help meet these needs.

Murodali Alimardon, deputy prime minister of Tajikistan and Waleed Al-Wohaib, CEO of ITFC signed the agreement at the Islamic Development Bank headquarters in Jeddah this week.

Alimardon says: “We appreciate the role ITFC plays in the facilitation of the intra-OIC trade. It will enable us to import oil products, such a crucial element of our imports, thus it will substantially contribute to the development of our economy. Moreover, we expect that it will open up new opportunities for our cooperation in trade financing field, specifically in such sectors as cotton, wheat and aluminum.”