The Facility will be used to support the agriculture sector in Gambia through the import of inputs (fertilizers) and the purchase of Agricultural Produce
The International Islamic Trade Finance Corporation (ITFC) (ITFC-IDB.org), member of the Islamic Development Bank (IDB) Group (IsDB.org), signed on November 29, 2017 with the Government of The Gambia a syndicated Murabaha financing Agreement in an amount of US $ 17.5Million.
The Facility will be used to support the agriculture sector in Gambia through the import of inputs (fertilizers) and the purchase of Agricultural Produce (groundnut, groundnut seeds, cashew, etc). This financing is in line with the Framework Agreement signed on May 2017 with the Government of The Gambia amounting to $210 million over a three years period to support the key sectors of Agriculture and Energy. This operation is the third transaction approved by ITFC in 2017 under the new Framework Agreement for a total of US$ 62.5 million
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC-IDB.org) is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.
As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of ‘Advancing Trade & Improving Lives’.