The Minister of Finance and Economic Affairs, Hon. Abdou Kolley recently signed a loan and grant financing agreement amounting to over US$13 Million with the International Development Association (IDA) in Washington DC, United States.
According to a press release from the Ministry of Finance and Economic Affairs, the US$5 Million loan is meant for the IFMIS additional financing while an additional US$8 Million grant was secured for the Ministry of Basic and Secondary Education earmarked to increase access to basic education, improve quality of teaching and learning to strengthen the education system. Below is the full text of the release:
The Honourable Minister of Finance and Economic Affairs of the Republic of The Gambia Abdou Kolley signed a loan and a grant financing agreement with International Development Association (IDA) on the 8th October, 2016 in Washington D.C., United States of America. The loan is for IFMIS additional financing with an amount of USD 5,000,000.00 (Five Million United States Dollars) by the International Development Association will go towards supporting human resources and payroll management, aid the preparation of an Energy National Study, further strengthening of the national statistical capacity, as well and the Government’s State Owned Enterprises Reform Program.
The grant component is provided to the Ministry of Basic and Secondary Education for the Gambia Results for Education Achievement and Development Project (READ), with an amount of USD: 8,500,000.00 (Eight Million Five Hundred Thousand United States Dollars) is earmarked to increase access to Basic Education, improve quality of teaching and learning in lower basic schools, and strengthen educations systems. The project will finance the construction of approximately 40 multi-grade schools, cover teachers’ salaries and stipends, and school grants as well as additional support to Early Child Development Classrooms to lower basic schools especially in remote communities. Furthermore, it will strengthen the education system with a focus on Governance and Management.
In a separate engagement, the Minister of Finance and Economic Affairs signed a grant agreement with the Islamic Development Bank (IsDB) to the tune of USD 278,500.00 (Two Hundred Seventy-Eight Thousand and Five Hundred United States Dollars). The grant is meant to provide assistance in Strengthening Rural Community Adaptation to Climate Change in The Gambia.
The Honourable Minister was accompanied to both signing ceremonies by the Governor of the Central Bank of the Gambia, Mr. Amadou Colley; Mr. Lamin Camara, Permanent Secretary II and Mr. Baboucarr Jobe, Director of Economic Policy and Research at the Ministry of Finance and Economic Affairs.