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Govt signs US$28m loan pact with IDB to boost GGC

Jun 6, 2013, 10:00 AM

The Government of the Gambia has signed a loan financing agreement with the Islamic Development Bank Group amounting to US$28 million for the funding of the Enhancing Value Addition in the Groundnut Sector of The Gambia.

The agreement, signed on behalf of the government by the Minister of Finance and Economic Affairs, Abdou Colley, seeks to among others modernize the fleet of equipment, as well as expand and improve the operational efficiency of the Gambia Groundnut Corporation (GGC).

This will enable GGC maintain its market share, reposition itself in the high end of the groundnut value-added thereby enhancing its profitability and ability to serve Gambian farmers, a press release from the Ministry of Finance and Economic Affairs said yesterday.

The project scope, according to the Ministry of Finance, covers civil works and purchase and rehabilitation of Groundnut Processing Facility of GGC at Denton Bridge Banjul and its depots in Barra, Basse, Kaur, Kuntaur, Kudang, Kerewan, Bansang, Tendaba and Sarro.

On the construction of Sukuta-Jambanjelly road project, the Ministry said, the project financing envelop totaling US$20 million (GMD 750 million) will complete 13.5 km Sukuta-Jambanjelly section of the Westfield – Sukuta road extension recently completed.

The road will provide important by-pass access to the Brikama-Gunjur coastal road network and opened up vital link to the Greater Banjul from the Capital Banjul and KMC.