Gambia: Government signs US$210 Million Agreement with ITFC to Support economic growth

EYEAFRICA TV: Banjul, THE GAMBIA: Gambia government has signed a 210 million United States dollar agreement with the International Islamic Trade Finance Corporation (ITFC) to support key economic sectors, including energy, through the importation of refined petroleum products, and agriculture. The fund is also expected to play a lead road in job creation.
ITFC is a member of the Islamic Development Bank (IsDB) group. Under a framework agreement, the financing will run over a 3 year period.
Gambias vice president Fatoumatta Jallow-Tambajang signed the agreement on behalf of her government while Eng. Hani Salem Sonbol, chief executive officer of ITFC signed on behalf of his corporation at State House in Banjul on Tuesday during CEO Sonbols official visit to The Gambia.
The agreement will also support agriculture, through the importation of fertilizer and provision of pre-export financing for agricultural produce notably, groundnuts and cashew nuts which are 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 continuation of this important cooperation reaffirms ITFCs proven strategy of investing in key economic sectors in our member countries, and contributing towards member countries development objectives,” ITDFs Sonbol said at the signing ceremony.
Since inception in 2008, ITFC has approved a total of 30 financing operations for The Gambia for a total of US$437 million.
On trade development area, Mr. Sonbol indicated that ITFC is currently studying a request to undertake an important trade development program for 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 this pilot program, ITFC will study the possibility for its extension to the national level.”
Gambias Vice President and Minister for Womens Affairs, Madam Fatoumata Jallow-Tambajang thanked ITFC for its continued support and stated that Gambia is seeking to improve its economy to consolidate economic growth, create jobs, and build a better future for its people.
ITFCs coverage has spanned to 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.

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