The Kuwait Fund for Arab Economic Development (KFAED) on Tuesday has agreed to provide a loan of $20.4m to the Republic of The Gambia in support of the Laminkoto-Passimus highway project, which will link the nation’s northern region with the coastal capital, Banjul.
The project is aimed at supporting economic and social development in the country by lowering the cost of the transporting of agricultural goods to the port of Banjul, as well as generally aiding the flow of people to and from the capital.
The agreement was signed on behalf of KFAED by its Director General, Abdulwahab Al-Bader, and on the Gambian side by the Minister of Finance and Economic Affairs, Kebba Touray.
The agreement was signed in Kuwait on the sidelines of the African-Arab Economic Forum, a week ahead of the Third African-Arab Summit on the 19th-20th November in the calendar.
The Kuwaiti state fund has also provided three technical assistance packages worth $3.16m for technical and economic feasibility studies for several other projects, along with another three million dollars in the form of a ‘Generous Lifestyle Fund’ targeting food security.
With this loan, KFAED has provided a total of 11 loans to The Gambia worth a sum of around $91.1m in order to fund projects benefitting several sectors of the economy.