Islamic trade body signs deals with African countries

By Gokhan Ergocun

JEDDAH, Saudi Arabia (AA) - The International Islamic Trade Finance Corporation (ITFC) signed on Wednesday agreements with African nations.

The signing took place on the sidelines of the annual meeting of the Islamic Development Bank (IsDB) Group in Saudi Arabia.

The group signed a $500-million framework agreement with Mali and another $600-million agreement with Djibouti.

It also signed murabaha -- an interest-free loan option -- financing agreement with the Gambia National Petroleum Company and the Gambia National Water and Electric Company. The total figure for the two agreements was $55 million.

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