Thursday, June 1

Gambia signs over US$70M IsDB financing agreements for development projects

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The first agreement of Fifteen Million Three Hundred and Ten Thousand United States Dollars (US$ 15.310 million) Concessional Loan is signed with IsDB for the widening of the Bertil Herding Highway Phase II Project. This Phase links the end point of Phase I at the Senegambia roundabout down to the intersection of Sitting Corner on the Banjul-Serrekunda highway.

The objective of this project is to improve transportation efficiency, reduce traffic congestion, promote economic growth, increase accessibility to goods and services, and enhance safety for vehicles and pedestrians. The project will include the construction of a third overpass at Kairaba Avenue, the addition of 4 roundabouts, the installation of raised crosswalks for pedestrian crossings, additional guard rails, and street lighting among others.

The second is a Master Murabaha Agreement with the International Islamic Trade Finance Corporation(ITFC) of US$35 million that will be available to NAWEC for the importation of petroleum products.

The third one, also part of the Master Murabaha Agreement is the tune of US$20 million for GNPC to facilitate the importation of petroleum products from eligible countries.

May 10, 2023