By Haddy Touray
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group, has signed three strategic agreements aimed at strengthening trade finance, private sector growth and regional economic cooperation.
The agreements were concluded during the 2026 Annual Group Meetings in Baku.
They include a three-year framework agreement worth US$250 million with The Gambia, signed by ITFC Chief Executive Officer Hani Salem Sonbol and The Gambia’s Minister of Finance and Economic Affairs, Seedy Keita.
The framework will support priority sectors in The Gambia, including energy supply, food security, healthcare, agricultural value chains and private sector financing through local financial institutions.
ITFC also signed a US$10 million Murabaha financing facility with Tajikistan to support the purchase and trade of cotton and cotton products.
The agreement was signed by ITFC CEO Hani Salem Sonbol and Tajikistan’s First Deputy Prime Minister Hokim Kholiqzoda.
The facility will provide working capital to cotton sector stakeholders, enabling the government’s export agency, through manufacturing companies, to purchase cotton from farmers during harvest season for export.
ITFC further signed a confirmed banking facility agreement with the International Finance Corporation (IFC) to expand trade finance operations through risk-sharing arrangements and guarantees.
The agreement was signed by ITFC Chief Operating Officer Nazeem Noordali and IFC Gulf Cooperation Council Countries Director Abdullah Jefri.
ITFC said the partnerships are expected to enhance access to trade finance, strengthen cross-border transactions and support economic growth across member states of the Organisation of Islamic Cooperation (OIC).
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