INTERNATIONAL ISLAMIC TRADE FINANCE CORPORATION (ITFC) SUPPORTS THE GAMBIAN KEY SECTORS OF AGRICULTURE AND ENERGY WITH THE SIGNING OF THREE NEW MURABAHA FINANCING AGREEMENTS FOR A TOTAL OF US$55MILLION
(Dakar, Senegal, 7th November 2018)
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a three new Murabaha Financing Agreements with The Gambia for a total financing amount up to US$55million to support the strategic key sectors of Agriculture and Energy, in line with the three-year Framework agreement of $210 Million signed in January 2018 between the two parties.
These new agreements will help the government secure the country’s imports of refined petroleum products and electricity generation under two operations with NAWEC and GNPC as executing agents of respectively $25M and $10M, the third agreement of $20M will support the upcoming Groundnut marketing season 2019-2020.
Since its inception in 2008, ITFC approved a total of US$544 million for the Republic of The Gambia under 35 operations. Approximately 68% of the approved financing went to the Energy
sector for the importation of petroleum products and 32% to the Agricultural sector as pre-export financing of the country’s primary export commodity – Groundnuts.
These three new Agreements was signed on 7th November by ITFC’s CEO Eng Hani Salem Sonbol and The Gambia, represented by the H.E. Mambury Njie, Minister of Finance and
Economic Affairs, on the sidelines of the Arab Africa Trade Bridge (AATB) Governing Board Meeting held in Dakar Senegal from the 6 th – 8 th of November 2019.
The signing of these three agreements is reflective of ITFC’s strong relationship with The Gambia, and is in support of the country’s strategic objective to build on those keys sectors
under the new Gambia National Development Plan 2018-2020.
In his remarks regarding the signing of the agreement, Eng. Hani Salem Sonbol, ITFC CEO, said, “The signing of these new Agreements emphasizes our commitment to enhance our close
cooperation and a strategic partnership with The Gambia for the economic empowerment of its population.” He added that, “Our continued partnership under the new Framework Agreement is
symbolic of our focus to continue to contribute towards the wellbeing of The Gambia through our investment in keys sectors of energy and agriculture.”
The Gambian Minister for of Finance and Economic Affairs also expressed his delight with the signing of these three new Agreements with ITFC. He also indicated his optimism for continued
partnership with ITFC towards the development of key sectors in The Gambia’s agriculture and energy sectors.
Through these new agreements, ITFC will support the financing of key economic sectors for The Gambia including energy through the importation of refined petroleum products, and
agriculture, through the importation of fertilizers and the provision of pre-export financing for agricultural produce notably, groundnuts and cashew nuts.
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