15.04.2012, Jeddah, KSA – The International Islamic Trade Finance Corporation (ITFC), the international financing arm of the Islamic Development Bank (IDB) Group, has signed a US$180 million syndicated structured Murabaha framework agreement with Morocco’s Societe Anonyme Marocaine de l’Industrie du Raffinage (SAMIR) for import of crude oil and petroleum products.

The framework agreement is the first structured trade finance agreement of its kind in favor of the Moroccan public sector and as ITFC Acting CEO, Mr. Hani Sonbol, put it, is expected to pave the way for further consolidation of ITFC’s presence in the Moroccan market by providing integrated trade finance solutions to both the public and private sectors.

At the signing ceremony, Mr. Hani Sonbol emphasized the historic relationship between the two institutions saying: “In the past years, ITFC had worked towards developing trade finance products, tailor-made to meet the requirements of its member countries”.

Also, Mr. Jamal Ba’amer, General Manager of SAMIR, praised the active role played by the IDB Group and specifically the ITFC in support of strategic sectors. “SAMIR covers more than 70% of the demand for petroleum products in Morocco, in accordance with its strategic plan which also includes building an integrated industrial complex and expanding its refinery”, he stated.

“More than US$ 2.3 million investments have already been made in the project in order to increase the total energy output capacity of the refinery to 10 million tons,” said Mr. Ba’amer. He then called the agreement a milestone in meeting SAMIR’s growing demand for imports of crude oil.

A number of other key figures of the industry were present at the meeting including Sheikh Mohammed Hussein Al-Amoudi, Chairman of the Board of SAMIR, Mr. Nasser Al-Thekair, Assistant GM of the Corporate & Structured Finance and Mr. Mourad Bouzrouri, ITFC’s Corporate and Structured Finance Manager in Charge of Morocco, along with Jamal Benaddou Idrissi, SAMIR’s Finance & Treasury Director and Ahmed Harnouch, Strategy & Coordination Director from SAMIR as well as other representatives from both
entities.

Cooperation between the two institutions started back in 1977 when ITFC was a Trade Finance and Promotion Department in IDB. Its total trade finance approvals in favor of Morocco today exceeds US$ 3 billion.