Wednesday, July 17, 2019

US$20million Loan Agreement on the Laminkoto-Passamas Road Ratified


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The National Assembly members (NAMs) on Thursday 7 April 2016, ratified a US$20 Million loan Financing Agreement between Bala Gaba Jahumpathe Gambia Government and the Saudi Fund for Development (SFD) for the construction of Lamin Koto-Passamas Road.

This loan agreement was tabled by the Hon. Minister of Transport, Works, Infrastructure and National Assembly Matters Hon. Bala Garba Jahumpa on behalf of the Minister of Finance.

In tabling the motion, Hon. Jahumpa said the aim of the road project is to support the economic and social development of the eastern region of the country. He noted that it can have the effect of maximizing agricultural potentials and enabling people to have easier and safer access to schools, health care facilities, among many others.

“The project comprises the construction of asphalt road of width about 7 metres with shoulders of about 1.5 metres each.  In addition to construction works, the project also includes consulting services to review the final design and prepare the tender documents and supervise the implementation and land compensation,” he disclosed.

Hon. Jahumpa informed deputies that the project is expected to end by 2019. In disclosing the terms of the loan agreement, Minister Jahumpa noted that the loan is US$20 million and the interest rate is 1% per annum, repayment over 30 years including 10 years grace period.

Hon. Minister noted that the terms are in line with Government’s borrowing requirements.

The motion was seconded by the member for Sami, Hon. Ousman Njie, and the agreement was ratified by the National Assembly.

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