The Government of the Republic of Maldives and the International Islamic Trade Finance Corporation (ITFC) have signed a Memorandum of Understanding on the "Cooperation in the Blue Carbon Generation Project".

The MoU was signed on behalf of the Government by Minister of Finance Dr. Mohamed Shafeeq, and the Chief Executive Officer of ITFC and Acting CEO of Islamic Corporation for the Development of the Private Sector (ICD), Eng. Hani Salem Sonbol signed on behalf of ITFC.

Minister and the CEO also deliberated on prospective efforts to diversify the Maldivian economy.