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Momodou
Denmark
11833 Posts |
 Posted - 15 Nov 2006 : 13:10:22
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THE GAMBIA, 2ND LARGEST ADB CREDITOR
By Bubacarr K. Sowe
Musa Gibril Bala Gaye, Secretary of State for Finance and Economic Affairs has revealed that the Gambia is the Second Largest Creditor to the African Development Bank (ADB). Mr. Gaye made this statement at the opening of a National Project Implementation Workshop held recently at the Kairaba Beach Hotel. "Total debt owed to the Bank Group represent almost 27% of the overall external debt of The Gambia, and thus ranking the African Development Bank Group as The Gambia's Largest Creditor," the SoS said.
He added that from 1974 to 2005, ADB has approved fifty-two operations in The Gambia amounting to US $287 million. According to Mr. Gaye, 84 percent of this net commitment are from the confessional window of the African Development Fund (ADF), 9 percent from the African Development Bank and the remaining 7 percent from the Nigerian Trust Fund (NTF).
"As at end of December, thirty four operations have been completed and fifteen are ongoing while three have been cancelled. By end of 2005, The Gambia owed an amount of about UA114.05 million to the African Development Bank Group, with the African Development Fund accounting for around 99.3% (UA113.12 million), while remaining 0.7% (UA 0.75 million) is owed to the Nigerian Trust Fund," Mr. Gaye said.
Speaking at the occasion, the ADB's Loan Accountant, J.H. Ghandi said the purpose of the training was to familiarize Senior Officials of the project, implementation agencies and other stakeholders with the policies and the procedures of the Bank. Mr. Ghandi added that the objectives of the workshop are to improve dialogue and coordination with project implementation agencies and; disseminate the bank's documentation and best practices and program development. About 40 participants attended the training and certificates were awarded at the end.
Source: Foroyaa Newspaper Burning Issue
Issue No. 99/2006, 13-14 November, 2006
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jambo
3300 Posts |
Posted - 15 Nov 2006 : 17:24:20
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"The Gambia owed an amount of about UA114.05 million to the African Development Bank Group, with the African Development Fund accounting for around 99.3% (UA113.12 million), while remaining 0.7% (UA 0.75 million) is owed to the Nigerian Trust Fund," Mr. Gaye said."
HELLO PEOPLE, that is a lot of money and some of it is owned to the Nigerian Trust Fund
people should be asking questions. 
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njucks
Gambia
1131 Posts |
Posted - 15 Nov 2006 : 23:51:15
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quote:
Originally posted by jambo
"The Gambia owed an amount of about UA114.05 million to the African Development Bank Group, with the African Development Fund accounting for around 99.3% (UA113.12 million), while remaining 0.7% (UA 0.75 million) is owed to the Nigerian Trust Fund," Mr. Gaye said."
HELLO PEOPLE, that is a lot of money and some of it is owned to the Nigerian Trust Fund
people should be asking questions.
Jambo i dont think there are any questions that need to be asked. these statements from the minister have no meaning as they are just numbers. its like gordon Brown saying the UK owes £5bn or Gorge Bush saying the US has a budget deficit. if the minister had said these monies were used for this and that then we can comment.
Within the African Bank Group there are Funds from which money is drawn. as he said its the ADF and the NTF. the nigeria trust fund was set up by the nigeria government from their first oil boom in the 1970s i think to help other african countries finance project. i think the initial capital was $50m. thats why it represents a small amount.
if the money was used to build roads for example, this will represent a high amount but it is spread over 50yrs to be paid back. so its not really a bad thing.
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kobo
United Kingdom
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