By Dipo Olowookere
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $45 million Murabaha Financing Agreement with the government of The Gambia.
Minister of Finance and Economic Affairs of The Gambia (Governor of the Islamic Development Bank), Mr Amadou Sanneh; and the Chief Executive Officer of ITFC, Engr Hani Salem Sonbol; signed the agreement on behalf of both parties.
The signing ceremony took place at the conclusion of the IsDB Group Governors’ lunch on the sidelines of the World Bank/IMF meeting held in Washington DC, with the presence of Dr Bandar Hajjar, IsDB Group President.
Commenting on this event, Engr Hani Salem Sonbol, CEO ITFC said, “As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sector of The Gambian economy.
“Energy is critical for supplying the country with fuel and electricity, in addition to development, this signing contributes to intra OIC trade as the products to be financed would be sourced mainly from OIC Member Countries.”
The Energy sector in The Gambia is a key driver of economic activities. The sector supports key industries such as manufacturing, agriculture and services. Therefore, electricity generation and supply is vital to every sector of the Gambian economy. The sourcing of adequate electricity generation will have a positive impact on electricity prices and help reduce the associated costs of insecurity and unemployment.
This financing falls under the frame work agreement signed with the Republic of The Gambia in May 2017, for a three years period, during the IsDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia, with the total amount of $210 million in support of its strategic sectors.
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