In Djibouti, the Energy Minister, Yacin Houssein Bouh (photo), has announced that the country has signed a $75 million financing agreement with the International Islamic Trade Finance Corporation (IFTC) to help purchase refined petroleum products.

According to Bouh, the agreement with the International Islamic Trade Finance Corporation would pave a way for Djibouti to slowly reduce fuel prices and guarantee a regular supply of petroleum products to be used for vehicles, power plants and fuel to households for cooking.

“This project funding is to stabilize and steady prices of refined petroleum products in the event of sharp fluctuations in oil prices on international markets. The adoption of this project will enable the International Society of Hydrocarbons of Djibouti to accomplish its import mission of oil and oil products at the best prices,” he told Reuters.

The International Islamic Trade Finance Corporation, is a subsidiary of the Saudi Arabia-based Islamic Development Bank.

Anita Fatunji