The International Islamic Trade Finance Corporation (ITFC) on Wednesday (10 May) signed an interest-free loan agreement with The Gambia.

The interest-free loan, murabaha, was signed in Jeddah, Saudi Arabia during the annual meeting of the Islamic Development Bank (IsDB) Group. 

And it is to finance two projects by the Gambia National Petroleum Company and the Gambia National Water and Electric Company. 

The total loan amount agreed was $55 million.

The four-day annual meeting, in the Saudi port city of Jeddah, will discuss global financial topics and host international agreements.