Mali, Gambia and Djibouti to receive $1.1 billion from the Islamic Development Bank to support agriculture, energy and health

During the 2023 IsDB Group Annual Meetings, Mali, Gambia and Djibouti signed agreements with ITFC, which 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 (IDB) Group, signed four agreements with Mali, Gambia and Djibouti for an amount of more than $1.1 billion during of the 2023 Annual Meeting of the IDB Group. This is indicated in a press release from the banking institution, published on May 10.

This financing will support the key sectors of agriculture, energy and health, in addition to the private sector in order to create economic growth opportunities for these different countries and to ensure a stable and secure supply of essential products.

The agreement with Mali for an amount of $500 million over 5 years aims to pave the way for an extension of the strategic partnership to new areas of collaboration in the fields of energy, agriculture, the private sector and health. The collaboration will also include technical assistance and capacity building programs, under the Arab Africa Trade Bridges (AATB) programme.

The Gambia has signed for two “Murabaha” direct financing agreements for an envelope of $55 million. The first agreement, worth $35 million, will enable the National Water & Electricity Company (NAWEC) to produce electricity reliably and more cost-effectively for the country. The second of $20 million will go to the benefit of the Gambia National Petroleum Company (GNPC) for the import of refined petroleum products.

Djibouti, meanwhile, concluded a 3-year framework agreement for a total of $600 million. Over the next three years, ITFC will mobilize financial resources from international and regional banks and financial institutions to finance energy, agriculture, health and the private sector, in addition to providing technical assistance.

“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 Hani Salem Sonbol, CEO of ITFC.