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Gambia Gov’t signs loan, grant agreement with IDA

Oct 19, 2016, 10:18 AM | Article By: Finance Ministry Press Release

The Honorable Minister of Finance and Economic Affairs, Abdou Kolley, signed a loan and a grant finance agreement with the International Development Association (IDA ) on 18 October 2016 in Washington  D.C , United States of America.

The loan is for the IFMIS Additional  Financing, with an amount of USD5,000,000.00 (five million United states Dollars) by the International  Development Association to go towards supporting human resources and payroll management,  aid the preparation of an Energy National study, further strengthening of the national statistical capacity and the government state-owned Enterprises Reform Programme.

The grant component is provided to the Ministry of Basic and Secondary Education for the Gambia Results for Education Achievement and Development project (READ), with an amount of USD 8,500,000.00 (Eight million five hundred thousand United States Dollar).

It is earmarked to increase access to basic education, improve quality of teaching and learning in lower basic schools, and strengthen education system.

This will finance the construction of approximately 40 multi-grade schools, cover teachers’ salaries and stipends, and school grants as well as additional support to Early Child Development classroom to lower basic schools especially in remote communities.

Furthermore, it will strengthen the Education system with a focus on government and management.

In a separate engagement, the minister of Finance and Economic affairs signed a grant agreement with the Islamic Development Bank (IsDB) to the tune of USD 278,500.00(Two hundred seventy- eight thousand and five hundred United States Dollars). The grant is meant to provide assistance in strengthening Rural Community Adaptation to climate change in The Gambia.

The honorable minister was accompanied to both signing ceremonies  by the governor of Central Bank of The Gambia Mr Amadou Colley , Mr Lamin Camara, permanent secretary, and Mr Baboucarr Jobe, Director of Economic Policy and Research  at the Ministry of Finance and Economic Affairs.