ITFC Expands Support for Comoros, Boosting Energy, Security and Food Supplies Amid Rising Global Pressures
Into Moroni, Comoros, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, is expanding its footprint in the Union of Comoros through a suite of integrated trade finance solutions aimed at stabilizing the island nation’s energy supply, improving food resilience, and strengthening local businesses. The partnership, active since 2008, has become a lifeline for a country that relies heavily on imports to sustain both its economy and its population of roughly 850,000 people.
With no domestic oil production and limited agricultural output, Comoros faces chronic vulnerability to global market fluctuations. ITFC has approved more than US$799 million in trade finance for Comoros to date, most of it directed toward securing energy supplies. Over US$655 million has been allocated to ensure the country’s annual imports of refined petroleum products, some 100,000 m³, arrive reliably even when global prices spike. As a critical buffer for people and businesses in Comoros, already burdened by high living costs.
The Corporation’s approach extends beyond financing. In 2023, ITFC partnered with the state-owned Société Comorienne des Hydrocarbures (SCH) through an Integrated Trade Solution that paired funding with technical capacity building. SCH staff received hands-on training at Tunisia’s STIR Refinery, learning new skills in trade negotiation, Islamic finance, and oil storage management. These upgrades support about 480 direct jobs, nearly 200 of them held by women, highlighting the wider family and social impact of the partnership. By sourcing more than 70% of its petroleum imports from fellow OIC countries, Comoros is also deepening regional trade ties, a politically significant move for a small island nation seeking greater economic integration.
Food security, a perennial concern for Comorian households, is another major pillar of ITFC support. In 2024, ITFC approved a EUR 20 million facility to help stabilize the import of essential staples such as rice, flour, sugar, oil, and meat. The financing covers nearly one-third of the country’s annual food needs, offering relief at a time when global supply chains remain fragile. In 2023 alone, Comoros imported nearly 92,000 metric tons of food valued at EUR 62.7 million. It was a heavy bill for an economy marked by widespread youth unemployment and dependence on remittances.
The new financing is expected to ease pressure on household budgets while sustaining up to 75 micro and small enterprises and more than 2,500 jobs. To many families, especially those led by women who dominate small retail trade, these measures shape daily economic survival and cultural stability, ensuring that local markets, the central hubs of community life, continue to function.
ITFC is also working to broaden access to Islamic finance in Comoros through partnerships with AFG Bank and BDC, expanding the availability of Letters of Credit and strengthening the domestic banking system. This supports the government’s economic diversification agenda, offering local businesses more predictable access to trade finance tools commonly used in larger regional economies.
Taken together, ITFC’s interventions are reshaping Comoros’ economic landscape. Politically, the support helps the government navigate public pressure over energy outages and food inflation. Socially, it reinforces job stability and keeps essential goods within reach for vulnerable households. Culturally, it strengthens commercial networks and traditions tied to local markets and family-run enterprises. And on a regional level, it signals Comoros’ growing participation in wider OIC trade frameworks.
By bolstering energy stability, reinforcing food systems, and empowering local enterprises, ITFC is positioning Comoros on a more solid and inclusive development path that aims to reduce the country’s exposure to external shocks and support long-term growth.
