By: Kebba AF Touray
The National Assembly in their First Extraordinary Session in the 2018 Legislative year, yesterday 25th April 2018, ratified the framework agreement between The Gambia and the People’s Republic of China, on the provision of a concessional loan to The Gambia.
In tabling the motion before deputies, the Vice President Aja Fatoumata Jallow Tambajang, said the Government of The Gambia and the Government of the People’s Republic of China, desirous of further developing a friendly relation on economic and technical cooperation between the two countries, agreed to conclude a framework agreement on the provision of a concessional loan by China, to The Gambia.
VP Tambajang said the framework agreement provides for the granting of a concessional loan by the Export-Import Bank of China, to the Ministry of Finance and Economic Affairs of the Republic of The Gambia.
“The concessional loan is to be utilized for the implementation of the Gambia National Broadband Network Project. The terms of the loan are that the maturity of the loan shall not exceed 20 years including a seven year grace period and the annual loan interest shall be 2%”, VP Tambajang told Deputies.
After having debated on the agreement by Deputies, the Framework Agreement on the provision of the concessional loan by the Government of the People’s Republic of China to the Government of the Gambia, was ratified by the country’s Legislators.