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Gambia,Saudi Arabia : ITFC signed a three-year financing deal with GAMBIA worth US$210m
Publish Date : 23-May-2017
The International Islamic Trade Finance Corporation (ITFC) has accomplished the signing of a Framework Agreement with The Gambian Government to make an overall commitment of US$210 Million.
The ITFC, an arm of the Jeddah-based Islamic Development Bank (IDB) Group, will be providing the funds over a three-year period to the country.
The Gambian Finance and Economic Affairs Minister Amadou Sanneh has signed the agreement with the IDB Governor & ITFC CEO Hani Salem Sonbol on the sidelines of the IDB Groups 42nd Annual Meeting held at Jeddah in the Kingdom of Saudi Arabia (KSA).
The financing deal has been signed to support imports of energy products like petroleum products and major agricultural commodities like fertilizers, as well as pre-export financing for groundnuts and cashew nuts. The ITFC will make its level best attempts for the mobilization of funds from banks and financial institutions to financially support these import activities.
On this new partnership, the ITFC CEO Eng. Hani Salem Sonbol remarked, As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sectors of the Gambia. Energy and agriculture are critical for supplying the country with fuel and electricity, in addition to develop the farming sector.
Amadou Sanneh has also expressed delight over their successful business association and ties with the IDB Group, particularly with the ITFC.
Minister Sanneh also noted, Its an honour for the Gambia to sign the agreement with ITFC to finance the supply of petroleum products and agricultural commodities. Its an action within the Framework Agreement to evaluate and enhance the value addition to the development of our economy.
