A loan agreement was on Friday signed in Banjul between the Republic of The Gambia and Kuwaiti Fund for Arab Economic Development. The Fund will provide a loan of 3,100,000 Kuwaiti Dinars, equivalent to about US$10,850,000, to assist in the financing of the Banjul international Airport Improvement Project (Phase II).

The loan agreement was signed on behalf of the Republic of The Gambia by Honourable Mousa Gibril Bala-Gaye, Secretary of State for Finance and Economic Affairs and by Mr. Hamad S. Al-Omar, Deputy Director-General of the Kuwaiti Fund for Arab Economic Development on behalf of the Fund.

The project aims at satisfying the increase in passenger and cargo traffic at BanjulInternationalAirport, and to further ensure its safety. Aimed at improving the operational standards of the airport, the project consists of rehabilitation and expansion of the existing apron, construction of two new taxiways and a building for fire and ambulance services, rehabilitation of the existing terminal building and the control tower, supply and installation of navigation systems, signs, pavement marking and apron lighting, fire rescue vehicle, in addition to consultancy services for the supervision of construction works.

The total cost of the project is estimated at about 776.66 million Dalasis, equivalent to about 10.1 million Kuwaiti Dinars of which the Fund’s loan covers about 31%. The main co-financing are the Saudi Fund and the OPEC Fund. The project is expected to be completed by mid 2010.

By concluding this agreement, the Fund would have provided to the Republic of The Gambia nine loans totalling about 22.8 million Kuwaiti Dinars, equivalent to about 79.8 million US Dollars, to finance projects in various sectors, in addition to five technical assistance grant and totalling about 770,000 Kuwaiti Dinars, equivalent to about 2.7 million US Dollars.

Dependable sources to The Point have revealed that European Investment Bank (EIB) and ECOBANK Transnational Incorporated (ETI) yesterday signed a facility for a 50 million euro to part-finance the growth of the Ecobank Group. According to the terms of the agreement, the EIB, European Union’s long-term lending institution, is poised to support ECOBANK’s expansion programme through the provision of stable long-term finance. Our sources further indicated that the project is fully consistent with the objectives of both institutions and among the benefits of the project are:

i.  foster regional integration in the financial sector through support to a dynamic, African, international banking group

ii.  enable the implementation of ECOBANK’s retail strategy which will extend the availability of credit and financial services to a larger segment of the population in West, Central, Eastern and Southern African countries and

iii. support private sector projects, particularly in the more difficult countries of the region, that the EIB cannot reach directly.

Commenting on the facility, ECOBANK Group’s Chief Executive Officer, Arnold Ekpe, said: “It strengthens our commitment to bring ECOBANK to the citizens of our target countries. It will help us reduce costs and improve efficiency through the first Shared Service Centre in West and Central Africa. The project will also help us achieve our dual mission which is: on the one hand to build a World Class African Bank and, on the other hand, to contribute to the economic and financial integration of Africa.”

Guus Heim, West Africa Regional Director for the European Investment Bank, said: “It will assist the development of the Borrower. It will also allow the EIB to support the financial sector in some of the post-conflict countries in which ECOBANK operates. The project also aims at supporting ECOBANK’s retail strategy, including investments in technology allowing for a lower overall cost of financial intermediation, which will ultimately allow the provision of financial services to poor or remote customers. At the same time, the project aims at fostering the development of ETI’s private sector financial operations.’’

Reflecting on ETI as a financial institution, our sources disclosed that ECOBANK Transnational Incorporated (ETI), incorporated in 1985, was the parent company of the largest independent regional banking group in Africa. The ECOBANK Group, the sources added, currently operates in 20 African countries, namely: Benin, Burkina-Faso, Cameroon, Cape Verde, Central African Republic, Chad, Côte d’Ivoire, The Gambia, Ghana, Guinea-Conakry, Guinea-Bissau, Mali, Niger, Nigeria, Liberia, Rwanda, Sao Tome, Senegal, Sierra Leone, and Togo. In addition, ETI is listed on the stock exchanges in Lagos, Accra and Abidjan (BRVM). The Group, with over 7,500 employees in over 450 branches, is said to be a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.

Delving into the nature and history of the European Investment Bank (EIB), the sources noted that the institution was created in 1958 under the Treaty of Rome, adding that it finances capital projects that further the core objectives of the European Union (EU). In addition, the sources went on, the EIB also participates in the implementation of the EU’s cooperation policy towards third countries, which have cooperation or association agreements with the Union.

“Since 1963, the EIB has also been an active partner in the development of many African, Caribbean and Pacific (ACP) countries. Its operations in these countries form an integral part of the range of financial aid facilities made available to them by the EU under the Cotonou Partnership Agreement signed in 2000 between the EU and the ACP countries,” the sources disclosed. The operations contribute to sustainable economic and social development and to poverty reduction, even as the bank grants loans from its own resources, as well as “manages the Investment Facility (IF), a revolving fund financed by the EU Member States. The IF offers various financing instruments aimed at supporting technically, environmentally, financially and economically sound projects in the private or commercial public sectors. In 2006, the EIB’s lending in the ACP countries totaled EUR 745 million,” the sources concluded.

A total number of 34 compounds in Half-Die, Banjul, have been affected by the Gambia Ports Authority’s 3rd expansion project.

This was revealed on Tuesday, 4th December 2007, by Ismaila Sambou, the Secretary of State for Local Government, Lands and Religious Affairs in answer to a question advanced by Hon. Baboucarr Nyang, Member for Banjul South, concerning the amount collected of the outstanding debt owed to the Banjul City Council (BCC) by rate defaulters, on the compulsory acquisition of landed properties compensation package payment of the Gambia Ports Authority (GPA) expansion project, within the affected areas.

He indicated that as part of the Banjul Port, the 3rd expansion project, a total of 34 compounds have been acquired by the GPA for which compensation would be paid. He however stated that the compounds owe BCC a total amount of D126, 675.00 in rate arrears and assured that BCC would continue to pursue the payment of these amounts.

The Kanifing Municipal Council (KMC) yesterday presented a cheque for D1.2 million to the National Water and Electricity Company (Nawec) for the extension of water to the Manjaikunda, Fajikunda, and Bakoteh communities.

Speaking at the presentation ceremony held at the KMC head office in Kanifing, Alieu Momarr Njie, the acting Mayor of KMC said it is the responsibility of his municipality to return what belongs to the people of the municipality in the form of initiating projects that are beneficial to the people. “This development is collective responsibility of the staff of KMC to ensure that the people are being served at their best interest.”
Mayor Njie expressed his council’s readiness to safeguard the trust and confidence bestowed on them by President Jammeh.

Fabakary Tombong Jatta, the Majority Leader of the National Assembly and Member for Serrekunda East, said the presentation is a historical moment for the municipality, adding that the appointment of the acting Mayor has brought a new dimension of effective service delivery to the Kanifing Municipal Council (KMC).
He promised that the National Assembly Members of the municipality will endeavour to support to the KMC in their development aspirations.

The Councillor for Manjaikunda, Modou Sidibeh, Charles Jammeh, a representative from Fajikunda and Fatou  Jah from Bakoteh expressed delight over the project and thanked the Mayor Njie for complimenting the development aspirations of President Jammeh.