AfDB announces $107m funding for The Gambia
20 December 2011
A $107.4 million (£68.4 million) fund has been approved by the board of directors of the African Development Bank (AfBD) for a key infrastructure project.
The Trans-Gambia Bridge and Cross Boarder Improvement Project will be financed through the bank's concessionary lending window, comprising of an outright grant of $102.3 million and further resources of $5.1 million, after receiving approval from the Bank on Friday (December 16th).
It is hoped that the scheme will help create a traffic flow between Senegal and the Gambia to help move people, goods and services between the two nations and other countries of the Economic Community of West African States (ECOWAS).
Donald Kaberuka, president of the AfDB, said that the project is consistent with the Bank's focus on infrastructure and regional integration.
"It takes political will to make these infrastructure facilities attain their economic objectives and ensure the reduction of poverty among our people," he added.
The AfDB recently teamed up with international software company the Zambato Group to create a new infrastructure marketplace for Africa.