The Gambian government has signed a $20 million financing agreement aimed at supporting the import of key essential goods, including rice, vegetable oil, sugar, cement, and medicine.

In a statement, the Ministry of Trade, Industry, Regional Integration and Employment (MoTIE) said the deal, signed on 4 February 2025, was reached with the International Islamic Trade Finance Corporation (ITFC) under a Murabaha Financing Agreement.

The funding is part of efforts to ensure the steady supply of non-oil essential commodities and to stabilise prices for consumers across the country.

“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,” the ministry said.

Following an independent assessment by the ITFC, AGIB Bank Ltd, Gambia’s only fully Shariah-compliant financial institution, has been appointed to administer the financing facility on behalf of the government.

Officials say the agreement underscores a commitment to ensuring affordable access to basic goods amid economic pressures linked to global supply chain disruptions.

By Adama Makasuba