ITFC Fuels The Gambia’s Energy Sector with a US$ 45 Million Financing
The signing ceremony took place at the conclusion of the IsDB Group Governors’ lunch on the sidelines of the World Bank/IMF meeting held in Washington DC
As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sector of The Gambian economy
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, signed a US$ 45 million Murabaha Financing Agreement with the government of The Gambia.
H.E Mr. Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia (Governor of the Islamic Development Bank), and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC, signed the Agreement. The signing ceremony took place at the conclusion of the IsDB Group Governors’ lunch on the sidelines of the World Bank/IMF meeting held in Washington DC, with the presence of H.E Dr. Bandar Hajjar, IsDB Group President.
Commenting on this event, Eng. Hani Salem Sonbol, CEO ITFC said, “As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sector of The Gambian economy. Energy is critical for supplying the country with fuel and electricity, in addition to development, this signing contributes to intra OIC trade as the products to be financed would be sourced mainly from OIC Member Countries.”
The Energy sector in The Gambia, is a key driver of economic activities. The sector supports key industries such as manufacturing, agriculture and services. Therefore, electricity generation and supply is vital to every sector of the Gambian economy. The sourcing of adequate electricity generation will have a positive impact on electricity prices and help reduce the associated costs of insecurity and unemployment.
This financing falls under the frame work agreement signed with the Republic of The Gambia in May 2017, for a three years period, during the IsDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia, with the total amount of US$210 Million in support of its strategic sectors.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
Head of Corporate Communications
Human & Corporate Resources
+966 12 646 8331
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (www.ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading the provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world-class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of ‘Advancing Trade & Improving Lives’.