President Dr Mohamed Muizzu has held discussions with International Islamic Trade Finance Corporation (ITFC) Chief Executive Officer Hani Salem Sonbol on expanding cooperation in trade, infrastructure and other areas supporting the Maldives’ development.
Sonbol paid a courtesy call on the President at Mulee’aage, where discussions focused on opportunities to deepen economic cooperation between the Maldives and the international development institution.
According to the President’s Office, the meeting covered trade development, infrastructure and broader economic priorities, with both sides exploring areas in which cooperation could contribute to the government’s development objectives.
The discussions come as the Maldives continues to seek external financing and international partnerships for infrastructure development while strengthening mechanisms that support trade and the import of essential goods.
President Muizzu and Sonbol also reaffirmed their commitment to maintaining and further developing the relationship between the Maldives and ITFC.
Two decades of cooperation with the Maldives
The Maldives’ engagement with ITFC dates back to assistance provided following the 2004 Indian Ocean tsunami, when the country received support through the Islamic Development Bank Group’s relief efforts.
The Maldives has continued to benefit from trade financing facilities through the institution since 2005, making the relationship one that now spans more than two decades.
ITFC is a member of the Islamic Development Bank Group and was established to promote and facilitate trade among countries belonging to the Organisation of Islamic Cooperation (OIC).
Its financing activities are particularly relevant to import-dependent economies such as the Maldives, where essential commodities, fuel, food, medicines, construction materials and many other goods are sourced from overseas.
Trade financing can provide governments and businesses with mechanisms to secure imports while managing the significant foreign currency requirements associated with international purchases.
The Maldives is also a member of the OIC and has maintained longstanding relations with institutions operating under the wider Islamic development financing framework.
The meeting with Sonbol is the latest engagement between the Muizzu administration and international financial and development institutions as the government pursues financing and investment for infrastructure projects and other economic priorities.
While the President’s Office did not announce any new financing agreement or specific project following the meeting, it said both sides expressed their intention to further strengthen the existing partnership.
