Saudi Fund for Development Raises Greater Banjul Roads Financing to $60 Million
BANJUL, September 1 (Saudi Arabia Breaking News) — The Saudi Fund for Development (SFD) signed an additional development loan agreement with the government of The Gambia, bringing its cumulative financing for the Greater Banjul Area Roads Project to $60 million.
SFD CEO Sultan Al-Marshad and Gambian Minister of Finance and Economic Affairs Seedy Keita signed the agreement during Al-Marshad’s visit to the country.
The additional financing will support the remaining work required to bring the road network into full operation. The work includes upgrades to road components, improved stormwater drainage during the rainy season and additional traffic safety measures.
Al-Marshad was also received by Gambian President Adama Barrow. They reviewed projects and programs financed by SFD in The Gambia and discussed opportunities to strengthen development cooperation.
SFD’s partnership with The Gambia dates to 1977. The fund has since provided 15 development loans exceeding $181 million for 12 projects in transport, education, water and economic development.
Saudi Arabia has also allocated five grants worth more than $43 million to The Gambia through SFD for energy, water and sanitation initiatives.
Source: SPA
