Gov’t signs US$210 million deal for petroleum importation

Monday, May 22, 2017

The Gambia government has signed a three-year agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, for the importation of petroleum products, among others.

Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia, and Eng. Hani Salem Sonbol, chief executive officer of ITFC, signed the agreement on the sidelines of the IDB Group’s 42nd annual meeting in Jeddah, Saudi Arabia.

In addition to the import of petroleum products, the agreement would support key agricultural commodities such as fertilizers, pre-export financing for groundnuts and cashew nuts.

Eng. Hani Salem Sonbol, CEO ITFC, said the agreement is a milestone to boost the main sectors of The Gambia.

Mr Sanneh, Gambia’s finance minister, said it was an honour for The Gambia to sign the agreement with ITFC to finance the supply of petroleum products and agricultural commodities.