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.

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About the International Islamic Trade and Finance Corporation (ITFC): 
The International Islamic Trade Finance Corporation 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 the 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'.

© Press Release 2017