By Abdullahi Salad - Reporter
DJIBOUTI (Dawan Africa) Djibouti Ports and Free Zones Authority said on Sunday that Djibouti had secured $35 million in trade financing to support fuel procurement operations for Red Sea Bunkering (RSB).
In a statement posted on X, the authority said its chairman, Aboubaker Omar Hadi, met a delegation from the International Islamic Trade Finance Corporation led by Said Ben Afane Ibouroi at the Djibouti International Exhibition Centre.
According to the statement, the talks focused on cooperation between the two sides and the finalization of a $35 million financing agreement for the purchase of petroleum products for Red Sea Bunkering.
Both sides also reaffirmed their commitment to continued financing cooperation and finalized documentation related to the agreement.
ITFC, a member of the Islamic Development Bank Group, provides financing support for trade, energy and infrastructure projects across member states.
More from Djibouti
Djibouti sits along some of the world’s busiest maritime trade routes, with shipping traffic through the Red Sea and Gulf of Aden increasing in recent years.
The country’s economy relies heavily on port services, logistics and marine fuel supply operations as Djibouti seeks to strengthen its position as a regional trade and energy hub in the Horn of Africa.
Red Sea Bunkering supplies fuel to vessels operating along major shipping corridors linking the Red Sea, the Suez Canal and the Indian Ocean.
The financing deal comes amid heightened regional tensions and shifting shipping patterns in the Red Sea, developments that have increased the strategic importance of Djibouti’s fuel supply and logistics services.
In recent years, Djibouti has expanded investment in ports, free zones and energy infrastructure as part of efforts to reinforce its role in regional maritime trade and logistics.