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    Senegal-Gambia-IDB Loan

    Gambia: IDB's ITFC gives $17.5M loan for agriculture

    APA-Dakar (Senegal)

    The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed with the Gambia government a financing agreement for $17.5 million.

    “The facility will be used to support the agriculture sector in The Gambia through the importation of inputs (fertilizers) and the purchase of agricultural produce (groundnuts, groundnut seeds, cashew, and so on)”, the ITFC announced in a press release seen by APA on Monday.

    It said the ITFC signed the loan agreement with the Gambia government in November 2017, adding: “This operation is the third transaction approved by ITFC in 2017 under the new framework agreement for a total of US$ 62.5 million.”

    The agreement was signed by ITFC CEO Hani Salem Sonbol and Hon. Amadou Sanneh, Minister of Finance and Economic Affairs of The Gambia.
    “We are very excited for completing this transaction. It reaffirms the ITFC’s proven strategy of investing in key strategic sectors of our member countries, and thus contributing towards the development of the agriculture industry in The Gambia, which will lead to providing employment directly and indirectly to over 70% of the country’s workforce”, Sonbol said at the time of signing the agreement.

    Minister Sanneh thanked ITFC for its continued support, and said agriculture remains the primary sector of the Gambian economy, with 70 percent of the population of just over 2 million depending on agriculture.



    ITFC/afm/APA

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