(JollofNews) – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signs a Framework agreement with The Gambia that ensures a total amount of US$210 Million to be financed over a period of three years.
The deal was on the sidelines of the IDB Group’s 42nd Annual Meeting in Jeddah, Saudi Arabia by Amadou Sanneh, minister of Finance and Economic Affairs of the Gambia and Hani Salem Sonbol, governor of the Islamic Development Bank and chief executive Officer of ITFC.
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.
Commenting on this event, Eng. Hani Salem Sonbol, CEO ITFC said: “As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sectors of the Gambia. Energy and agriculture are critical for supplying the country with fuel and electricity, in addition to develop the farming sector.”
On his part, Amadou Sanneh complemented on their successful business and relationship with the IDB Group and ITFC in specific.
He added:“It’s a honour for the Gambia to sign the agreement with ITFC to finance the supply of petroleum products and agricultural commodities. Its an action within the Framework Agreement to evaluate and enhance the value addition to the development of our economy ”