The government of Gambia has received US$ 45 million under a Financing Agreement with the International Islamic Trade Finance Corporation (ITFC), to grow the country’s energy sector.
Earlier this year, the ITFC signed a memorandum of understanding during the IDB Group’s 42nd Annual Meeting in Jeddah, Saudi Arabia, to support Gambia’s strategic sectors with the total amount of $210 million.
This financing falls under the previous framework of the agreement signed in May 2017.
The agreement was signed on behalf of the Gambian government by H.E Mr Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia (Governor of the Islamic Development Bank), while Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC, signed on behalf of the group. The agreement was signed at the conclusion of the IsDB Group Governors’ lunch on the sidelines of the World Bank/IMF meeting which held recently in Washington DC, with the presence of H.E Dr Bandar Hajjar, IsDB Group President.
“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,” said Eng. Hani Salem Sonbol.