(Ecofin Agency) - Tunisia has secured cumulative funding of $1.2 billion from the International Islamic Trade Finance Corporation (ITFC) to finance crude oil and refined petroleum product imports, the Ministry of Economy and Planning announced in a statement released on April 28.

The funding agreement was formalized through a framework partnership agreement signed by Tunisian Minister of Economy and Planning, Feryel Ouerghi, and ITFC's Executive President, Hani Salem Sonbol, on the sidelines of the Annual Meetings of the Islamic Development Bank (IDB) held from April 27 to 30 in the Saudi capital Riyadh, according to the same source.

The funds, expected to be disbursed as loans over three years, will primarily support the importation of raw materials including crude oil and refined petroleum products for several Tunisian state-owned enterprises.

Let’s note that Tunisia produces only around 44,000 barrels of crude oil per day and imports more than 60% of its petroleum product needs.