The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a Framework agreement with The Gambia that ensures a total amount of US$210 Million to be financed over a period of 3 years.
H.E Mr. Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia (Governor of the Islamic Development Bank) and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC signed the Agreement.
The signing ceremony was on the sidelines of the IDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia.
The agreement is for the purpose of financing the imports of energy products such as petroleum products and the support of the key agricultural commodities such as fertilizers, pre-export financing for groundnuts and cashew nuts. ITFC will excel efforts to mobilize financial resources from banks and financial institutions to finance these imports.
“As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sectors of The Gambian economy. Energy and agriculture are critical for supplying the country with fuel and electricity, in addition, to develop the farming sector,” said Eng. Hani Salem Sonbol, CEO ITFC.
Mr. Amadou Sanneh complemented on their successful business and relationship with the IDB Group and ITFC in particular, stating, “It is an honour for The Gambia to sign the Agreement with ITFC to finance the supply of petroleum products and agricultural commodities. It is an action within the Framework Agreement to evaluate and enhance the value addition to the development of our economy ”