The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), part of the Islamic Development Banks (IsDB) Group, continues to make significant progress in its partnership with the Union of the Comoros, delivering impactful trade finance solutions to strengthen the country’s energy security, food supply and economic diversification.
With no domestic oil production and modest agricultural output, Comoros relies heavily on imports to power its economy and sustain its population of about 850,000. Since 2008, ITFC has emerged as a key partner, approving over US$799.3 million in trade finance to support the country’s development priorities.
Providing electricity to the nation through energy financing
Since its inception, ITFC has approved US$655.4 million in energy financing to the Comoros, representing more than 80% of total ITFC assistance to the country. This investment has enabled Comoros to secure its entire annual import volume of estimated 100,000 m3 of refined petroleum products, ensuring stability of energy supplies amidst global price shocks.
In 2023, ITFC partnered with national hydrocarbon company Société Comolienne des Hydrocarbons (SCH) to introduce Integrated Trade Solutions (ITS), which combines financing and capacity building. As part of the Reverse Linkage Program, SCH staff trained at the STIR refinery in Tunisia, gaining critical skills in trade negotiations, Islamic finance, and oil storage management. This initiative has protected approximately 480 direct jobs, of which nearly 200 are held by women. More than 70% of oil imports are sourced from OIC member states, strengthening intra-OIC trade and regional cooperation.
Securing food supplies amid global price shocks
In 2024, the ITFC approved a new EUR 20 million trade finance facility to strengthen food security in the Comoros Union. The facility will finance the import of important staples such as rice, flour, sugar, oil and meat, providing critical support to the country’s food supply chain.
In 2023, Comoros imported 91,929.94 tons of food products, with a value of €62.7 million. The new facility will cover approximately 31.9% of annual food needs, making food more affordable and accessible to households. This loan has supported between 50 and 75 local micro and small businesses, sustaining more than 2,500 jobs. Since its inception, ITFC has provided more than US$143.9 million in financing to support the food security and agriculture sectors.
Additionally, ITFC promotes Islamic finance in the Comoros through partnerships with local banks, namely AFG Bank and BDC. This will expand access to letter of credit (L/C) verification capabilities and strengthen the domestic financial sector in line with the government’s diversification policy.
Through these strategic interventions, ITFC continues to play a key role in advancing the Comoros’ sustainable development agenda through ensuring energy security, strengthening food systems, and empowering local businesses. Our integrated trade finance solutions strengthen resilience to external shocks and foster inclusive economic growth and regional cooperation.
Watch the Comoros Project video – https://apo-opa.co/3LDt6Wv
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Banks (IsDB) group. It was established with the primary purpose of facilitating trade between OIC member countries, ultimately contributing to the overarching goal of improving the socio-economic conditions of people around the world. Started operations in January 2008, ITFC has provided US$89 billion in financing to OIC member countries, making it a leading provider of trade solutions to meet the needs of these member countries. With a mission to be a catalyst for trade development in OIC member countries and beyond, we help member countries gain better access to trade finance and provide them with the trade-related capacity-building tools they need to succeed in global markets.
