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Finance Minister tables six loan agreements for ratification

Sep 17, 2015, 11:52 AM | Article By: Njie Baldeh

Abdou Kolley, Minister of Finance and Economic Affairs, yesterday tabled six loan agreements before members of the National Assembly for ratification.

The tabling of the loan agreements was also witnessed by senior officials from his ministry.

The loan agreements include the following:

The financing agreement between the Government of The Gambia and ECOWAS Bank for Investment and Development for the Rural Electrification Extension Project Phase 2; the financing agreement between the Government of The Gambia and International Development Association on the additional financing for the Maternal and Child Nutrition and Health Result Project; the financing agreement between the Government of The Gambia and Arab Bank for Economic Development in Africa for Social Development Fund Line of credit; the financing agreement between the Government of The Gambia and Arab Bank for Economic Development in Africa on the Laminkoto-Passimas Road Project; the financing agreement between the Government of The Gambia and International Development for the Rural Infrastructure Development Project; and the financing agreement between the Government of The Gambia and OPEC Fund for International Development for the Rural Infrastructure Development Project.

For the ECOWAS Bank Investment and Development loan agreement, the Finance Minister told deputies that a financing agreement was signed with the ECOWAS Bank for Investment and Development (EBID) on 27 March 2014 in the sum of USD10 million for the implementation of the second phase of the Rural Electrification Extension Project (REEP).

Minister Kolley further informed deputies that the objective of the REEP is to extend electricity into the rural provinces of the country as a means of stimulating socio-economic development and economic growth.

The objective of the second phase of the project is to expand the coverage area under the first phase, and at the same time consolidate the benefits expected from the implementation of the initial project, he added.

For the International Development Association for additional financing of the Maternal and Child Nutrition and Health Result Project, the Finance Minister said the agreement was signed on 4 June 2015, for the sum of SDR3.6 million equivalents to US$5 million of which SDR1.8 million is grant and the other SDR1.8 million is loan.

The Finance minister said the project objective is to increase the utilization of community nutrition and primary maternal and child health service in selected regions in The Gambia.

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