Gambian lawmakers approve $93 million Saudi Arabia loan
Banjul, Gambia (PANA) - Gambian lawmakers at an extraordinary session in Banjul Tuesday approved $93 million dollars loan between Gambia and Saudi Arabia.
Out of the total loan, $50 million is expected to be used for construction of roads within Greater Banjul area and $10.5 million for the construction of a VIP lounge at the Banjul International Airport.
Part of the grant component of the loan or $22.5 million is expected to be invested in improving water and sanitation and $10 million dollars for improvement of electricity supply within the Greater Banjul area.
The Gambia hosts the Organization of Islamic Conference (OIC) summit in 2022. Finance Minister Manburay Njie said the loan had a 1 percent interest rate with 5 years grace period and payable in 30 years.
He explained that the government of The Gambia would be upgrading and improving the overall infrastructure and social amenities towards the successful hosting of the 2022 OIC summit.
Njie pointed out that the financing of the projects would provide the much-needed infrastructures relevant to the various sectors of the economy, which were no doubt very critical to the successful hosting of the 2022 OIC summit in The Gambia.
However, Halifa Sallah, member for Serekunda, urged his colleagues to hand over the agreement to the National Assembly Projects Monitoring Committee for proper scrutiny before approval.
Sallah said the finance minister had failed to furnish lawmakers with adequate information required for them to properly scrutinize the bill.
He expressed concern over the unsustainable public debt of the country.
Sidia Jatta, member for Wuli West, lamented that Gambia’s public debt was over a billion dollars, something which should be properly managed.
“The OIC cannot be as urgent as the condition of my people some of whom do not even have roofs over their heads,” said Jatta.
Jatta’s constituency has been ravaged by windstorm killing 3 and injuring dozens.
He said the support needed for those people was not solved by the government.
-0- PANA MSS/RA 30Jul2019
