Gambia’s agriculture gets $17.5m from International Islamic Trade Finance Corporation
The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group, has signed with the Government of The Gambia a syndicated Murabaha financing agreement totaling US $17.5 million.
The facility will be used to support the agriculture sector in Gambia through the import of inputs (fertilizers) and the purchase of agricultural produce (groundnut, groundnut seeds, cashew, etc). This financing is in line with the Framework Agreement signed on May 2017 with the Government of The Gambia amounting to $210 million over a three years period to support the key sectors of agriculture and energy. This operation is the third transaction approved by ITFC in 2017 under the new Framework Agreement for a total of US$ 62.5 million
The agreement was signed by Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Hon. Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia.
“We are very excited for completing this transaction. It reaffirms the ITFC’s proven strategy of investing in key strategic sectors of our member countries and thus contributing towards the development of the agriculture industry in The Gambia which will lead to providing employment directly and indirectly to over 70% of the country’s workforce,” said Chief Executive Officer, ITFC Eng. Hani Salem Sonbol.
The Gambia’s Minister of Finance and Economic Affairs, Mr. Amadou Sanneh, thanked ITFC for its continued support and affirmed that The Gambia is still depending on tourism but agriculture remains the primary sector of the Gambian economy with 70 percent of the population of just over two million depending on agriculture.
ITFC services coverage has spanned 41 countries for 184 clients from MENA, Africa, and Asia. Through the financing of the agriculture, energy and industrial sectors, ITFC solutions touched the lives of thousands of people and contributed in the socio-economic development of our member countries.