The International Islamic Trade Finance Corporation (ITFC) Supports Gambia’s Agriculture With US $ 17.5 Million Syndicated Murabaha Financing
The Facility will be used to support the agriculture sector in Gambia through the import of inputs (fertilizers) and the purchase of Agricultural Produce
It reaffirms the ITFC’s proven strategy of investing in key strategic sectors of our member countries and thus contributing towards the development of the agriculture industry
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), member of the Islamic Development Bank (IDB) Group (www.IsDB.org), signed on November 29, 2017 with the Government of The Gambia a syndicated Murabaha financing Agreement in an amount of US $ 17.5Million.
The Facility will be used to support the agriculture sector in Gambia through the import of inputs (fertilizers) and the purchase of Agricultural Produce (groundnut, groundnut seeds, cashew, etc). This financing is in line with the Framework Agreement signed on May 2017 with the Government of The Gambia amounting to $210 million over a three years period to support the key sectors of Agriculture and Energy. This operation is the third transaction approved by ITFC in 2017 under the new Framework Agreement for a total of US$ 62.5 million
The agreement was signed by Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and Hon. Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia.
On this occasion, Chief Executive Officer, ITFC Eng. Hani Salem Sonbol, commented “We are very excited for completing this transaction. It reaffirms the ITFC’s proven strategy of investing in key strategic sectors of our member countries and thus contributing towards the development of the agriculture industry in The Gambia which will lead to providing employment directly and indirectly to over 70% of the country’s workforce”.
From his side, The Gambia’s Minister of Finance and Economic Affairs, Mr. Amadou Sanneh, thanked ITFC for its continued support and affirmed that The Gambia is still depending on tourism but Agriculture remains the primary sector of the Gambian economy with 70 percent of the population of just over 2 million depending on agriculture.
It is worth mentioning that ITFC services coverage has spanned 41 countries for 184 clients from MENA, Africa, and Asia. Through the financing of the agriculture, energy and industrial sectors, ITFC solutions touched the lives of thousands of people and contributed in the socio-economic development of our member countries.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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 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'.