(Ecofin Agency) - During the IsDB's 2023 Annual Meeting, Mali, Gambia, and Djibouti signed agreements with the International Islamic Trade Finance Corporation (ITFC) that will support key sectors of their economies to create opportunities for economic growth.
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed four agreements with Mali, Gambia, and Djibouti worth more than $1.1 billion at the IsDB's 2023 Annual Meeting. The Group disclosed the news via a press release dated May 10.
The funds will support key sectors like agriculture, energy, and health, as well as the private sector, fostering economic growth in the three countries and helping ensure a stable and secure supply of essential commodities.
With Mali, the ITFC inked a 5-year deal for $500 million. The agreement should help expand the strategic partnership to new collaboration areas in the energy, agriculture, health, and private sectors. It also includes technical support and capacity-building programs under the Arab Africa Trade Bridges (AATB) program.
The Gambia secured two Murabaha contracts that total $55 million–$35 million and $20 million, respectively. The first contract will enable the National Water & Electricity Company (NAWEC) to generate reliable and cheaper electricity, and the second will support the Gambia National Petroleum Company (GNPC) to import refined petroleum products.
Djibouti entered a 3-year framework agreement valued at $600 million. In line with the agreement, the ITFC will, over the next three years, raise funds from international and regional banks and financial institutions to finance energy, agriculture, health, and the private sector, in addition to providing the country with technical support.
"ITFC is pleased to work with our private sector partners in the Republic of Mali, Djibouti, and The Gambia to support the economic development of these countries. [...] These agreements also demonstrate ITFC's continued commitment to supporting our member countries and contributing to the United Nations Sustainable Development Goals," said Mr. Hani Salem Sonbol (pictured), CEO of ITFC.