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$46.3M loan for Laminkoto-Passimas road project ratified

Jul 7, 2015, 10:51 AM | Article By: Njie Baldeh

Members of the National Assembly Monday ratified the financing agreement between the government of The Gambia and OPEC Fund for International Development for the construction of Laminkoto-Passimas road project.

Presenting the bill before deputies, Abdou Kolley, Minister of Finance and Economics Affairs, said the Laminkoto-Passimas road project is a co-financed project from five creditors.

Three of which, he pointed, have already been signed totaling US$46,300,000, from the Kuwait Fund for Arab Economic Development, Abu Dhabi Fund for Development, and OPEC Fund for International Development.

According to Minister Kolley, the outstanding two, expected to come from Saudi Fund for Development and Arab Bank for Economic Development in Africa estimated to be $30,000,000, are yet to be signed.

Minister Kolley further informed the deputies that a credit financing instrument was signed with the OPEC Fund for International Development on 23 February 2015 for USD15,000,000 for the funding of the Laminkoto-Passimas Road project.

The Finance Minister said the main development of the project is to enhance the socio-economic conditions in The Gambia’s eastern region by maximizing its agricultural potential and enabling people to have easier and safer access to schools and healthcare facilities.

He said the 121 km Laminkoto-Passimas Road will be upgraded from an earth road to a double layer asphalt surface and dressing paved road with total roadbed width of 10m.