US$1.64M loan for a feasibility study: Finance Ministry

US$1.64M loan for a feasibility study: Finance Ministry

US$1.64 million has been granted to The Gambia for technical assistance. The sum will be used for financing the preparation of a feasibility study for supporting human resource capabilities, capacity building, and technical programs.

Gambia’s Finance Minister, Abdou Kolley signed the agreement during the 4th Africa-Arab Summit in Malabo, Equatorial Guinea. The grant was given to The Gambia through the Kuwait Fund for Arab Economic Development.

Sheikh Sabah Khaled Al-Hamad Al-Sabah, first deputy Prime Minister and Minister of Foreign Affairs of Kuwait, and chairman, Board of Directors of Kuwait Fund for Arab Economic Development signed on behalf of the Kuwaiti Government.

The Gambia’s economy has been faced with budgetary challenges after the EU withheld more than 30 million Euros in development aid over the country’s deteriorating rights conditions. It has since threatened targeted sanctions.

President Yahya Jammeh’s relations with Western governments have taken to the worse as he seeks a fifth mandate and opposition crackdown became prevalent.

Jammeh has since declared the West African nation the world’s newest Islamic Republic in hopes to get more aid and support from Arab and Gulf nations. It has failed for the most part with Jammeh saying in April that “only Kuwait has been supporting poor Muslim nations in Africa.”

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