Africa-Press – Gambia. The Gambian government has secured a $20 million Murabaha financing facility to fund the importation of critical non-oil commodities, officials announced on Friday.
The financing agreement, signed on February 4, 2025, between the Ministry of Finance and Economic Affairs and the International Islamic Trade Finance Corporation (ITFC), aims to stabilize the domestic market and ease the cost of essential goods for consumers, according to a statement from the Ministry of Trade, Industry, Regional Integration, and Employment.
“The Ministry of Trade, Industry, Regional Integration & Employment (MoTIE) is pleased to inform the general public, particularly the business community, that the Government of The Gambia, represented by the Ministry of Finance and Economic Affairs (MoFEA) and the International Islamic Trade Finance Corporation (ITFC) signed a US$20 million Murabaha Financing Agreement on 4th February 2025,” the Trade Ministry announced.
Under the terms of the agreement, the funds will be used to import staple commodities, including rice, vegetable oil, sugar, cement, medicines, and other eligible products, in accordance with ITFC trade financing rules.
Government officials described the initiative as part of broader efforts to stabilize market prices and ease the burden of rising costs on Gambian consumers.
In a move to ensure proper administration of the facility, the government has appointed AGIB Bank Ltd., the country’s sole fully Shariah-compliant financial institution, to manage the financing. ITFC conducted an independent assessment of the bank before approving its role in the program.
“To ensure proper implementation and following an independent assessment of AGIB Bank Ltd. by ITFC as the sole fully-fledged Shariah-compliant Bank in the country, The Ministry of Finance and Economic Affairs has appointed AGIB Bank Limited to administer the financing facility on behalf of the Republic of The Gambia,” they explained.
Following the agreement’s formal activation on April 10, 2025, the Trade Ministry invited interested importers to apply for participation in the scheme through AGIB Bank. Applicants can contact the bank by phone at +220 327 7777, by email at [email protected], or by visiting its head office on Kairaba Avenue in the Kanifing Municipality.
Government officials, however, cautioned that importers must meet AGIB’s eligibility requirements to access the financing.
The move comes as Gambia continues to grapple with inflationary pressures affecting basic commodities, a trend mirrored across many economies in West Africa.
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