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- OPEC Fund’s US$20m loan to The Gambia will improve connectivity
OPEC Fund’s US$20m loan to The Gambia will improve connectivity
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June 15, 2021: The OPEC Fund for International Development has signed a US$20 million loan agreement with The Gambia to co-finance the expansion of the Bertil-Harding Highway. The upgrading of the road infrastructure will improve safety, reduce travel time and costs, and facilitate access to marketplaces, social amenities and jobs for more than 520,000 people in the Greater Banjul Area.
Gambia’s capital Banjul has experienced significant population growth in recent years; however, the city’s road transport infrastructure remains underdeveloped, resulting in travel bottlenecks and high transport costs. The Gambian government therefore has accorded high priority to upgrading its road network under its National Transport Policy to improve accessibility and foster competitiveness and trade.
The 22 km-long Bertil-Harding Highway is an important stretch that provides a link between Old Jeshwang and the Banjul International Airport, vital to the connectivity of the area. The expansion and upgrading of the Highway is co-financed with the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Kuwait Fund for Arab Economic Development and the Gambian government.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “The Gambia’s economy is heavily dependent on agriculture and tourism, which requires a well-functioning transport network. Increasing connectivity through more efficient transportation will support integration and trade and further promote social and economic activity for the citizens of the Greater Banjul Area.”
In addition to the present loan, OPEC Fund’s public sector commitments to The Gambia total close to US$128 million supporting transportation, education, energy and multi-sectoral projects.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. Our vision is a world where sustainable development is a reality for all.