ITFC signs $210m deal to support Gambia’s strategic sectors

Amadou Sanneh, minister of finance and economic affairs, Gambia, and Hani Salem Sonbol, CEO of ITFC, signed the three-year agreement.

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a framework agreement worth $210 million with The Gambia.
Amadou Sanneh, minister of finance and economic affairs, Gambia, and Hani Salem Sonbol, CEO of ITFC, signed the three-year agreement. The signing ceremony took place on the sidelines of the IDB Group’s 42nd annual meeting in Jeddah.
The agreement aims at financing the imports of energy products such as petroleum products and key agricultural commodities such as fertilizers, and the pre-export financing of groundnuts and cashew nuts. ITFC will mobilize financial resources from banks and other institutions to finance these imports.
Sonbol 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 developing the farming sector.”
Sanneh commended the successful business ties of his country with the IDB Group and ITFC.
“It’s an honor 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.”