May 6, 2010, 2:08 PM
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 6th – 8th 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.
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic
Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008, ITFC has since consolidated all trade finance businesses that used to be handled by various windows within the IsDB Group. Earning the A1 rating by Moody’s reflects the Corporation’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$45 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.