Gambia has signed an energy financing deal of D8.4 billion dalasis (US$240 million) to import petroleum products and boost agricultural export.
The agreement was signed was signed by Finance Minister Amadou Sanneh and Hani Salem Sonbol, Governor of the Islamic Development Bank and Chief Executive Officer of the International Islamic Trade Finance Corporation.
The Islamic Development Bank will be financing energy and agricultural products with the US$240 million over a period of three years.
“As a leading Islamic Trade Finance Solutions Provider, this agreement is a milestone to boost the main sectors of the Gambia. Energy and agriculture are critical for supplying the country with fuel and electricity, in addition, to develop the farming sector,” Mr. Sonbol said.
Gambia’s President Barrow had last week asked for budgetary help from international partners. The country is trying to make its struggling economy vibrant by increasing energy supply and reviving agriculture.
“It’s an honor for the Gambia to sign the agreement with ITFC to finance the supply of petroleum products and agricultural commodities. Its an action within the Framework Agreement to evaluate and enhance the value addition to the development of our economy,” Sanneh said.
Agriculture is Gambia’s most critical sector at threat. It was the country’s biggest employer and foreign exchange earner until the former president, Yahya Jammeh decided to take a monopoly of the business.
Gambia is only producing 40 watts of 150 watts needed to power the country and its agricultural product export, primarily peanut has dropped.
The new government has pledged to increase energy output by October and ensure consistent power supply in six months. It announced the release of $25 million to support farmers this season.