The Gambian government and the Islamic Development Bank (IDB) Group have signed funding agreements, worth over US$ 44.932 million, for five major development projects in The Gambia.
Banjul, Gambia - The Gambian government and the Islamic Development Bank (IDB) Group have signed funding agreements, worth over US$ 44.932 million, for five major development projects in The Gambia. According to a press release, obtained by PANA here Wednesday, the five loan agreements, which mark a historic milestone in The Gambian government's relation with the bank group, included: the financing of the development of the University of the Gambia project for US$ 15.672 million; financing The Gambia Community Based Infrastructure and Livelihood Improvement Project for US$ 15.860 million; technical assistance grant for financing the Gambia Community Based Infrastructure and Livelihood Improvement Project for US$ 400,000.
Others are the Murabaha agreement for the financing of electricity and water metres and other spare parts for the national water and electricity company, amounting to US$ 5 million, and the Murabaha agreement for the financing of heavy and light fuel products for the benefit of Nawec amounting to US$ 8 million.
Minister of Finance Abdou Kolley, thanked the president of the IDB Group, Dr. Ahmad Mohamed Ali, and his management team for their continued support to the country in meeting its development aspirations.
He pledged that the agreements would be strictly implemented, saying that the government expected bank to continue supporting it.
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