(Ecofin Agency) - Gambia has signed with the Islamic Trade Finance Corporation (ITFC) a loan agreement valued at $45 million. This will support several of the country’s operations including heavy fuel import by the National Water and Electricity Company (NAWEC), the country’s power utility.
“The loan financing falls under the framework agreement signed with the Gambia in May 2017, for a three years period, during the Islamic Development Bank (IDB) Group's 42nd Annual Meeting that took place in Jeddah, Saudi Arabia, with the total amount of 210 million U.S. dollars in support of its strategic sectors,” said Gambia’s minister of finance, Amadou Sanneh.
Hani Salem Sonbol (picture), ITFC’s Head, for his part said that the agreement would help boost the power sector, which is key to Gambia’s economy.
This should be most welcomed by populations who last June, raged over the poor quality of power supply in the country. Indeed, NAWEC produces only 45MW for a demand of 70MW, and this mainly using obsolete power generators.