ITFC signs agreement of $210m for key sectors to support economic growth in Gambia


BANJUL, Gambia — The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a $210 million Framework Agreement with government of Gambia for financing over a 3-year period. The signing ceremony took place in Banjul on Tuesday, during the official visit of the ITFC CEO to Gambia.

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.

The agreement will also extend the cooperation with Gambia to trade development programs for poverty reduction by providing technical and/or financial support for capacity building, Information exchange and knowledge dissemination.

The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Mrs. Fatoumata Jallow-Tambajang, vice president and minister for women’s affairs.

Sonbol, remarked, “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 Gambia for a total of $437 million.

On the trade development area, Sonbol indicated that ITFC is currently studying a request to undertake a very important trade development program for the Aflatoxin mitigation in Gambia. This pilot project aims at eradicating the Aflatoxin fungus and enhancing the quality of the groundnut produced in Gambia for local consumption and export into the European and other international markets. Based on the result of this pilot program, ITFC will study the possibility for its extension to the national level.

Gambia’s Vice President and Minister for Women’s Affairs, Jallow-Tambajang thanked ITFC for its continued support and affirmed that Gambia is seeking to improve its economy to consolidate economic growth, create jobs, and build a better future for its people.

ITFC’s coverage has spanned 41 countries and over 180 clients from the Middle East, Africa, Asia and South America. Through trade financing and trade development efforts in the agriculture, energy and industrial sectors. ITFC solutions has touched the lives of thousands of people and contributed to the socio-economic development of our member countries. — SG