Gambiaj.com – (BANJUL, The Gambia) – The Government of The Gambia has secured a significant boost to its efforts to stabilize the prices of essential non-oil commodities through a US$20 million Murabaha financing agreement with the International Islamic Trade Finance Corporation (ITFC).

The Ministry of Trade, Industry, Regional Integration & Employment (MoTIE) announced the landmark agreement, signed on February 4th, 2025, highlighting its crucial role in ensuring affordability of key goods for the Gambian populace.

The financing is specifically earmarked for the importation of essential items such as rice, vegetable oil, sugar, cement, medicine, and other goods deemed eligible under ITFC’s trade financing regulations.

This initiative directly addresses the government’s commitment to mitigating price volatility and ensuring a consistent supply of these critical commodities in the Gambian market.

Explaining the rationale behind this move, MoTIE emphasized that the financing agreement is a key component of a broader governmental strategy aimed at providing relief to Gambian households by making essential goods more accessible and affordable.

Fluctuations in the prices of these basic necessities can significantly impact the livelihoods of ordinary citizens, and this financing mechanism is designed to cushion the economy against such pressures.

To manage and disburse these funds effectively, the Ministry of Finance and Economic Affairs (MoFEA) has appointed AGIB Bank Limited as the administrator of the financing facility. This decision follows an independent assessment by ITFC, which recognized AGIB Bank as the sole fully Shariah-compliant bank operating in The Gambia, making it a suitable partner for this Islamic financing arrangement.

With the financing agreement declared effective on April 10th, 2025, interested importers are now invited to engage with AGIB Bank Ltd to explore opportunities for participation in the Murabaha Financing scheme.

It is important to note that access to this financing will be subject to meeting AGIB Bank’s established eligibility criteria.