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Momodou
Denmark
11735 Posts |
 Posted - 05 Nov 2007 : 19:54:17
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National Assembly Approves US $8 Million Loan
By Bubacarr K. Sowe
The National Assembly in its extra-ordinary session on Wednesday, October 31, ratified two loan agreements of US $ 4 million dollars each between The Gambia and the Organisation of Petroleum Exporting Countries (OPEC).
The loans, signed in Vienna, Austria on September 5, 2007 are meant for the third public works project and the highway and street lighting project. According to Musa Balla Gaye, the Secretary of State for Finance and Economic Affairs, the third public works project “will build the capacity of beneficiaries such as local government authorities, village communities and public institutions”.
“The project is expected to make interventions in providing education and health facilities, construct some roads in the urban areas, extend water supply network and electricity in the urban/peri-urban areas, provide water, reticulation system in some rural communities, fire stations around the country, markets, youth facilities and public buildings like post offices,” Mr. Gaye enumerated.
The highway and street lighting project, according to the Secretary of State, covers the areas of Banjul and some parts of the Kanifing Municipality. “The project’s scope includes a detailed design, supply, installation and commissioning of all equipment and materials required to ensure the satisfactory installation and connection of the entire lighting system for the areas already specified,” Mr. Gaye said.
He added that government has decided that NAWEC will execute the project to build-up capacity and ensure sustainability. Both loans have a grace period of five years and a repayment period of fifteen years. Government will pay from time to time a service charge at the rate of one percent (1%) per annum on the principal amount of the loan withdrawn and outstanding, to meet the expense of administering the loan,” the Secretary of State said.
Source: Foroyaa Newspaper Burning Issues
Issue No. 130/2007, 5-6 November, 2007
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