Assembly ratifies over D900M UTG, CBI loan agreements
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 Wednesday, December 15, 2010

Deputies at the National Assembly Monday unanimously ratified two loan
agreements between the government of The Gambia and the Islamic Development
Bank (IDB) for the financing of The Gambia Community Based Infrastructure
and Livelihood Improvement project and the University of The Gambia (UTG)
project.

The minister of Finance, Abdou Kolley, tabled both loan agreements before
the House for approval.

Out of this amount, D456, 83, 000 is for the university project, and is
earmarked for the construction and equipping of three faculty buildings
namely, Faculty of Arts and Sciences, Faculty of Business and Public
Administration and the Faculty of Information Technology and Communication.
This amount will also finance the construction of the Chancery buildings,
540 hostel rooms for students and 40 residences for lecturers, the
acquisition of the relevant equipment and furniture for the concerned
infrastructure as well as in-service training for at least 17 lecturers,
among other things. The remaining sum of D453, 87, 000M will be used to
finance The Gambia Community Based Infrastructure and Livelihood Improvement
projects.

Shortly before the House approved the two loan agreements, the Finance
minister informed lawmakers that both loans are the second financing
agreements signed between the government of The Gambia and the IDB. He
reiterated government's commitment towards both projects and disclosed that
for speedy dispensation of the UTG project, the Cabinet had decided that the
project be implemented through the Project Coordinating Unit (PCU) of the
Ministry of Basic and Secondary Education on behalf of the Higher Education
Ministry as the executing agency of the project.

The Gambia CBI project

Minister Kolley went on to explain the scope of The Gambia Community Based
Infrastructure (CBI) and Livelihood Improvement project. According to him,
these projects among other things are aimed at supporting government's
strategy for alleviating poverty in the rural and peri-urban zones of the
country through targeted assistance for economic infrastructures and
livelihood activities in a more enabling environment using the Community
Driven Development approach.

"This project will thus provide the required community-based infrastructures
to meet the ever growing demand due to population growth and increased
agricultural production and mitigate disaster related losses," he explained.
He further explained that the project is expected to be implemented within a
period of four years and is accompanied (The Gambia CBI) with a grant
component to compliment the loan resources for an amount not exceeding
US$400,000.

"The grant resources shall be used solely to cover the cost of the items of
the project," he added. The Finance minister also disclosed that the
repayment of the loan is 25 years including seven years grace period with a
payment frequency of twice per year.
Author: *by Musa Ndow & Lama Jallow *


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GOD BLESS SHEIKH PROFESSOR ALHAGIE YAHYA AJJ JAMMEH*
*(PRESIDENT FOR LIFE.)*
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*GOD BLESS THE GAMBIA*
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*GOD BLESS APRC*
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*DOWN WITH THE FAILED OPPOSITION *

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