By Olimatou Coker
The Minister of Finance and Economic Affairs, Seedy Keita, has signed two financing agreements with the Islamic Development Bank (IsDB) during the recent IsDB Group Annual Meetings in Algiers, Algeria.
The agreements are loan financing of (US$3 million) and Grant financing of US$150,000.00 for the supplementary financing for enhancing value addition in the groundnut sector project (Phase 2) and a project preparation facility (PPF) for the rehabilitation and expansion of the South Bank Road and Airport Junction to Bulok section respectively.
The supplementary financing will focus on improving National Food Security Processing & Marketing Corporation (NFSPMC) formerly the Gambia Groundnut Corporation or GGC’s processing infrastructure, project management and supervision activities, and financial audit activities.
Meanwhile, the PPF is designed to support early-stage development and planning of the South Bank Road rehabilitation and expansion project.
The PPF will provide financial and technical resources to carry out a comprehensive feasibility study, which will assess the viability of the road rehabilitation and expansion and address all necessary technical, environmental, and social considerations. The study will include detailed traffic analysis, technical design specifications, land acquisition requirements, and environmental and social impact assessments.
The PPF grant will facilitate the development of a robust and comprehensive project framework that can be submitted to the Ministry of Transport, Works, and infrastructure through the National Road Authority for final approval.
This will provide the foundation for securing the necessary financing and moving forward with the implementation of the South Bank Road rehabilitation and expansion project, which is critical for enhancing regional connectivity and supporting economic growth in the southern regions of The Gambia.
