The House of Parliament in
Banjul, the Gambian capital on Tuesday ratified an electricity expansion
project loan agreement of $12 million meant to expand electricity coverage in
the Gambia.
On June 18, 2012, the Organisation of Petroleum Exporting Countries (OPEC) Fund for
International Development (OFID) revealed it had reached an agreement of
US$12M loan with the Government of The
Gambia.
Electricity supply is erratic in the tiny West
African country, labelled a low income and highly poor indebted country. OFID
said “at least 500,000 people will benefit from the upgraded power station”
which is being managed by the National Water and Electricity Company (NAWEC).
Tabling the motion before Parliament on September
25, Minister of Finance Abdou Kolley said the power expansion project is
intended to meeting the increasing energy demands in the Greater Banjul Area,
by replacing the already decommissioned 6.4MW power generator of the Kotu Power
Station with a new 11.1MW diesel power generator.
The power generation capacity of the Greater Banjul,
the country’s most populous area is currently pegged at 70 megawatts (MW).
The minister noted another loan of $9M was earlier
secured from the Arab Bank for Economic Development in Africa (BADEA), saying
it will help close the funding gap and pave the way for the effective
implementation of the project.
The Parliament’s majority leader, who has seconded
many motions over the years, did the same on Tuesday.
A member for Serrekunda
East and the ruling APRC-Government, Mr. Fabakary Tombong Jatta noted the
importance of providing reliable and affordable electricity, which he said “is
equal to none” for any meaningful socio-economic development of country.
Terms &
conditions
Our new parliamentary correspondent, Bakary Ceesay
said OFID agrees to lend to the Gambia $12 million on terms and conditions set
forth in this agreement; the Gambia shall pay interest at the rate of one and
one quarter of one per cent (1.25%) per annum; the Gambia shall pay a service
charge of one per cent (1%) per annum; interest and service charge shall be
paid semi-annually on January 15 and July 15 in each year into OFID Account; 20
years including 5 years grace and frequency (twice per year).
The above, according to Finance Minister Mr. Kolley,
is “highly concessional” and within their borrowing limits of the country.
The June 2012 loan secured by the Gambia Government was one of 13 loans
and grants totalling nearly US$66 million meant to boost socio-economic
development in over 34 partner countries.
The loans which covered the agriculture, education,
energy, transportation and water supply sectors of the beneficiary countries
were issued at the end of OFID’s 139th Session in Vienna, Austria.
Written by Modou S. Joof
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