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Supplementary Loan Agreement Between Gambia, ADB Ratified

Sep 9, 2009, 5:25 AM | Article By: Mk Marenah & Alieu Jabang

Deputies at the National Assembly yesterday ratified the 'Supplementary Loan Agreement' between The Gambia government and the African Development Bank (ADB).

The loan not exceeding the equivalent of UA 5, 000,000, is earmarked for the financing of Artisanal Fisheries Development Project.

"The loan shall be repaid over a period of twenty years (20 years) after a seven-year grace period, commencing from the date of the agreement, with a service charged at the rate of three-quarters of one percent (0.75%) per annum on the principal amount of the supplementary loan disbursed and outstanding from time to time".

The Gambia shall also pay a "commitment charge" at the rate of one half of one per cent (0.50%) per annum on the disbursed portion of the loan, which shall begin to accrue one hundred twenty (120) days after the date of signature of the loan.

The purpose of the supplementary loan, which shall be allocated to various categories as stated by Ousman Sonko, the Minister of Interior, on behalf Hon. Abodou Kolley, the Minister of Finance and Economic Affairs, is to finance part of the local currency cost of the project.

The sector goal of the project is to contribute to improved food security, through increased employment and foreign exchange earnings, and to achieve sustainable exploitation of fish resources.

"Its specific objective is to increase fish production and income of fisher and women to contribute to the improvement of nutritional standards of the population."