Banjul — The Gambian Finance Minister Amadou Sanneh on Tuesday signed a loan agreement of 45 million U.S. dollars with the International Islamic Trade Finance Corporation (ITFC) to support the Gambia's National Water and Electricity Company (NAWEC).
Sanneh said the loan is expected to help the public companies in financing their operations, including the import of heavy fuel.
"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," he said.
Hani Salem Sonbol, CEO of ITFC, said in May that the agreement was a milestone to boost the main sector of the Gambian economy.
"Energy is critical for supplying the country with fuel and electricity, in addition to development, this signing contributes to intra OIC trade as the products to be financed would be sourced mainly from OIC Member Countries," he added.
NAWEC has been struggling to provide normal power supply affecting the operations of several businesses in the country.