Horn Diplomat

Djibouti signs $75 mln financing deal for fuel imports

Horndiplomat-Djibouti has approved a $75 million financing agreement with a unit of Saudi Arabia-based Islamic Development Bank to help the Horn of Africa nation to buy refined petroleum products, its energy minister said.

Energy Minister Yacin Houssein Bouh said the deal with International Islamic Trade Finance Corporation (IFTC) would allow Djibouti to gradually reduce fuel prices and ensure a regular supply of petroleum products – for vehicles, power plants and fuel to households for cooking.

“This project funding is to stabilise and steady prices of refined petroleum products in the event of sharp fluctuations in oil prices on international markets,” he told Reuters late on Tuesday.

“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.”

SOURCE:REUTERS

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