ITFC Supports Gambia’s Agriculture With US $ 15 Million Syndicated Murabaha Financing

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group, signed US US$15 Million financing with the Government of The Gambia.

The Facility, which will be used to support the agriculture sector in Gambia, is part of US$210 million framework agreement signed in May 2017 with the Government of The Gambia over a period of 3  years to contribute to financing resourcing of agricultural inputs i.e. fertilizers for use by the farming community.

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 Gambia.

On this occasion, Eng. Hani Salem Sonbol, Chief Executive Officer, ITFC commented “We are very excited for completing this transaction. It reaffirms  ITFC’s proven strategy of seizing promising investment opportunities in emerging markets, and providing trade finance solutions to help enhance Gambia’s competitive abilities and contribute towards the development of the agriculture industry”.

From his side, HON. Mr. Amadou Sanneh, The Gambia’s Minister of Finance and Economic Affairs, , thanked ITFC for its continued support and affirmed on the importance of supporting the agriculture sector for the main source of  food and cash income in the country.