Banjul, 28th April 2025: 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 financing is intended to support the importation of essential non-oil commodities, including rice, vegetable oil, sugar, cement, medicine, and other eligible goods under the ITFC Trade Financing Rules. This initiative forms part of the Government’s broader efforts to stabilise and reduce the prices of these critical commodities for the benefit of the Gambian population.
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, to ensure proper implementation.
Following the declaration of effectiveness of the financing agreement on 10th April 2025, interested importers may contact AGIB Bank Ltd on+220 327 7777,info@agib.gm or visit its Head Office located at 19 Kairaba Avenue, K.S.M.D to inquire about participation in the Murabaha Financing Scheme.
Please note that interested importers must meet AGIB’s eligibility criteria before benefiting from this financing.
Source: Press release by MOTIE
