The unwavering hum of electricity and the steady flow of fuel for transportation are vital lifelines for any nation. In the island nation of Comoros, ensuring a stable and secure energy supply is critical for economic growth and social well-being. This is where the International Islamic Trade Finance Corporation (ITFC) steps in, playing a crucial role in supporting Comoros' energy security.

ITFC understands the importance of energy access for its member countries. As part of its core mission, "Advancing Trade, Improving Lives," the organization prioritizes financing solutions that enhance energy security, particularly in Least Developed Member Countries (LDMCs) like Comoros. Consistent electricity not only fuels industries and boosts manufacturing, but also uplifts living standards by supporting key sectors like education, healthcare, and security.

In 2023 alone, the organization approved over US$3.8 billion for the energy sector globally,. Since its inception, ITFC's cumulative energy financing approvals to its Member Countries have reached an impressive US$49 billion.

ITFC's commitment to Comoros is evident in its substantial support through its Trade Solutions. With a total of 37 financing operations amounting to more than US$646 million, ITFC has established itself as a reliable partner for the nation. A recent example is the EUR 40 million Murabaha financing facility secured in 2023 in favor of the Union of Comoros and with Comoros Hydrocarbons Company (SCH) as Executing Agency. This strategic support specifically targeted the import of petroleum products and Liquefied Petroleum Gas (LPG), a vital fuel source for households and industries.

ITFC recognizes that trade finance is just one piece of the puzzle. In line with its Integrated Trade Solution approach combining both trade finance facilities and capacity-building initiatives, the Corporation has developed a strategic technical assistance program for SCH. This program equipped SCH with best practices in financial management aligned with Islamic principles, governance, and operational efficiency. The program focused on crucial areas such as:

• Negotiating and drafting trade contracts for petroleum products;
• Debt recovery mechanisms and enforcement procedures;
• Management of petroleum product stocks;
• Principles and practices of Islamic finance.

This comprehensive training empowered Comoros Hydrocarbons Company (SCH) to navigate the complexities of the oil and gas sector, optimize trade opportunities, and ensure ethical and sustainable financial practices.

ITFC's multifaceted intervention in Comoros is a model for successful development partnerships. Through financing solutions, capacity-building initiatives, and a commitment to ethical practices, ITFC is helping Comoros illuminate a path towards a brighter energy future. This collaborative effort not only ensures energy security for the present but also empowers Comoros to achieve long-term economic growth and social progress.