Gambia, KFAED Sign US$18M Grant, Loan Agreements

Gambia, KFAED Sign US$18M Grant, Loan Agreements

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The government of The Gambia and the Kuwait Fund for Arab Economic Development (KFAED) have this week signed a KD5.5 million (Kuwait Dinars) financing agreements. This was contained in a press release issued by the Ministry of Finance. Below reads the release:

On the sideline of the “4th Africa – Arab Summit” held in Malabo, Equatorial Guinea, the Kuwaiti Fund for Arab Economic Development (KFAED) signed two (2) Financing Agreements with the Islamic Republic of The Gambia on 22nd August 2016. The Financing Agreements consist a Loan Agreement of KD5,000,000 (Five million Kuwaiti Dinars) equivalent to US$16.40 million for Developing Basic and Secondary Schools and a Grant Agreement of KD500,000 (Five hundred thousand Kuwaiti Dinars) equivalent to US$1.64 million for Technical Assistance for Financing the Preparation of a Feasibility Study for Supporting Human Resources Capabilities and for Capacity Building and Training Programmes.

The two (2) Financing Agreements were signed by Sheikh Sabah Khaled Al-Hamad Al-Sabah, First Deputy Prime Minister & Minister of Foreign Affairs, and Chairman, Board of Directors of Kuwait Fund for Arab Economic Development, and Hon. Abdou Kolley, Minister of Finance and Economic Affairs of the Islamic Republic of The Gambia.

The project aims to support the social and economic development of the Islamic Republic of The Gambia through supporting the Government’s Education Sector Strategic Plan (2016-2030) by developing and expanding about 39 Upper Basic and Secondary Schools in six (6) Educational Regions of the country. The development includes constructing, equipping buildings and provision of new facilities, as well as Institutional Support for the Project Implementation Unit (PIU). The project also includes consulting services for design review and supervision of works.

Finally, the Project is expected to allow access to the growing demand of students’ enrollment in Upper and Senior Secondary Schools. In addition, it will contribute to the improvement of the quality of teaching and learning outcomes at these two important levels of the education sector, which will promote sustainable social and economic development. The project is expected to becomplete by end-December 2020.