The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, Tuesday signed a US$210 million Framework Agreement with the Government of the Gambia for financing over a three-year period.
The agreement is to support key economic sectors, including energy, through the importation of refined petroleum products, and agriculture, through the importation of fertilizer and the provision of pre-export financing for agricultural produce notably, groundnuts and cashew nuts, the main agricultural produce/exports of the country.
Signed by Eng. Hani Salem Sonbol, chief executive officer of ITFC and Fatoumata Jallow-Tambajang, vice president and minister for Women’s Affairs of the Gambia, the agreement will also extend the cooperation with the Gambia to trade development programmes for poverty reduction by providing technical and/or financial support for capacity building, information exchange and knowledge dissemination.
Speaking at the ceremony, the chief executive officer of ITFC, Eng. Hani Salem Sonbol said: “The continuation of this important cooperation reaffirms ITFC’s proven strategy of investing in key economic sectors in our member countries, and thus contributing towards member countries’ development objectives.”
Since inception in 2008, ITFC has approved a total of 30 financing operations for the Gambia for a total of US$437 million. On the trade development area, Eng. Hani Salem Sonbol , indicated that ITFC is currently studying a request to undertake a very important trade development program for the Aflatoxin mitigation in the Gambia.
This pilot project aims at eradicating the Aflatoxin fungus and enhancing the quality of the groundnut produced in the Gambia for local consumption and export into the European and other international markets. Based on the result of the this pilot program, ITFC will study the possibility for its extension to the national level.
In her remarks, the vice president and minister for Women’s Affairs, Fatoumata Jallow-Tambajang, thanked ITFC for its continued support and affirmed that the Gambia is seeking to improve its economy to consolidate economic growth, create jobs, and build a better future for its people.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).