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Mon 16 Mar 2020 03:32 PM

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Saudi fund inks loan deal for Gambia airport project

Saudi Fund for Development has signed an agreement to provide a loan to finance the second phase of a development project at Banjul International Airport

Saudi fund inks loan deal for Gambia airport project

Banjul International Airport.

The Saudi Fund for Development has signed an agreement with the Republic of The Gambia to provide a loan to finance the second phase of a development project at the capital’s Banjul International Airport.

The improved facilities will see jobs increase to over 1,000 while airport capacity will increase by 43 percent, reaching 400,000 passengers per year.

The increase in capacity will allow five airlines to be handled every three hours as Banjul aims to become a regional air transport hub.

The SFD said the loan agreement is part of its ongoing effort to enhance economic stability and prosperity in The Gambia.

The SFD has previously provided loans totaling $169 million for 12 projects including transport, education, water and economic development and five grants worth $43.5 million towards projects in the water and energy sectors.

The signing was attended by The Gambia's President Mr. Adama Barrow, The Gambian Minister of Finance and Economic Affairs, Mr Mambury Njie and the Minister of Transport, Mr Bai Lamin Ousman Jobe. They were joined by H.E. Eng. Yousef Al-Bassam, SFD Adviser, SFD Director of the Legal, Abdulmohsen Almutlaq and SFD Director of Public Relations, Faisal Alkhushaiban.

SFD adviser Yousef Al-Bassam said: “Saudi Arabia represented by the Saudi Fund for Development is pleased to be able to offer assistance to help develop the economy in The Republic of The Gambia. An airport meeting international standards is vital for the growth of trade, tourism, investments, air transport, logistics and maintaining worldwide links.”

Since 1975, the SFD has provided loans and financial assistance to more than 1,000 projects in developing nations.

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