Gambia: New ITFC Agreement of US$210 Million for key sectors to support economic growth and job creation in The Gambia

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Gambia: New ITFC Agreement of US$210 Million for key sectors to support economic growth and job creation in The Gambia
The agreement is to support key economic sectors, including energy, through the importation of refined petroleum products, and agriculture
BANJUL, Gambia, January 16, 2018/ — The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, signs a US$210 million Framework Agreement with Government of The Gambia for financing over a  3 year period. The signing ceremony took place in Banjul on 16th January 2018,  during the official visit of the ITFC CEO to The 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 The 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 H.E. Hon. Mrs. Fatoumata Jallow-Tambajang, Vice President and Minister for Women’s Affairs.

On this occasion, the Chief Executive Officer, ITFC, Eng. Hani Salem 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 The Gambia for a total of US$437 million. On the Trade Development area, Eng. Hani Salem Sonbol , indicated that ITFC is currently studying a request to undertake a very important trade development program for the Aflatoxin mitigation in The Gambia. This pilot project aims at eradicating the Aflatoxin fungus and enhancing the quality of the groundnut produced in The Gambia for local consumption and export  into the European and other international markets. Based on the result of the this pilot program, ITFC will study the possibility for its extension to the national level.

From her side, The Gambia’s Vice President and Minister for Women’s Affairs, H.E. Hon. Mrs. Fatoumata Jallow-Tambajang, thanked ITFC for its continued support and affirmed that The Gambia is seeking to improve its economy to consildate economic growth, create jobs, and build a better future for its people.

It is worth mentioning that 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.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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About the International Islamic Trade and Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) 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 (Muharram 1429H), 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$40.25 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 enables them to successfully compete in the global market.

SOURCE
International Islamic Trade Finance Corporation (ITFC)

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