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toubab1020
12311 Posts |
 Posted - 27 Oct 2010 : 16:26:53
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This from The Observer:
http://observer.gm/africa/gambia/article/govt-idb-sign-over-us44m-funding-agreements
Gov't, IDB sign over US$44M funding agreements
Africa » Gambia
Wednesday, October 27, 2010
The government of The Gambia and the Islamic Development Bank (IDB) Group on Monday, October 25th, 2010 in Jeddah, Saudi Arabia, signed funding agreements worth over US$44.932 million for five major development projects for The Gambia.
According to a press release sent to the Daily Observer, Abdou Kolley, the minister of Finance signed on behalf of the Gambia government; Dr Ahmad Mohamed Ali, the president of the Islamic Development Bank signed the first three financing agreements on behalf of IDB; while Dr Waleed A Al-Wahaib, the chief executive officer of the International Trade Finance Corporation (ITFC) of the IDB Group signed the two other agreements.
The five loan agreements which mark a historic milestone in The Gambia government’s relation with the Islamic Development Bank Group are: loan agreement for the financing of the development of the University of The Gambia project for $15.672 million; loan agreement for financing The Gambia Community Based Infrastructure and Livelihood Improvement Project for $15.860 million; Technical Assistance Grant for Financing The Gambia Community Based Infrastructure and Livelihood Improvement Project for $400,000.00; Murabaha agreement for the financing of electricity and water metres and other spare parts for the benefit of Nawec amounting to $5 million and Murabaha agreement for the financing of heavy and light fuel products for the benefit of Nawec amounting to $8 million.
Minister Kolley used the occasion to thank the president of the IDB Group and his management for the support they continued to extend to The Gambia in meeting her development aspirations and looked forward to effective implementation of the signed agreements as well as the Bank's continued support.
The authorities of the Ministry of Finance on behalf of His Excellency Sheikh Professor Alhaji Dr Yahya AJJ Jammeh, the government and people of The Gambia expressed appreciation to the development partners and assured them of its readiness to continue to cooperate with them.
For their part, the President of the IDB Group and the CEO of the ITFC, all pledged their support to The Gambia government and looked forward to strengthening the already good cordial relations.
The minister and his delegation also used the opportunity of their visit to discuss with the bank staff, issues affecting ongoing projects financed by the Bank, as well as pipeline projects submitted for financing in 2011.
The Gambian Finance minister is accompanied by his permanent secretary and the director of Loans and Debt Management; the permanent secretary, Ministry of Higher Education, Research, Science and Technology; the vice chancellor, University of The Gambia and the director general of Gamworks.
Author: Daily Observer
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