World Bank approves US$56M grant for Gambia

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The World Bank Tuesday, approved and signed a total grant of $56 Million for the government Gambia at a ceremony held at the Kairaba Beach Hotel.

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    Gambia’s Finance Minister Amadou Sanneh signed on behalf of The Gambia Government and Louis Cord, World Bank country director signed on behalf of the bank.

    The International Development Association Credit and Grant is meant to support the strengthening of The Gambia government’s fiscal position while restoring the provision of essential public services.

    In late June, the World Bank threw its muscle behind the new Gambia government in the bid to recover at least $12 million dollars stolen by ex-President Yahya Jammeh.

    The World Bank’s Stolen Asset Recovery Unit and the Gambia’s government agreed to partner to recover the stolen millions.

    Gambia’s President Adama Barrow admitted that the treasury is virtually empty and Finance Minister Amadou Sanneh said former government left the country with a debt far more than the country’s GDP.

    IMF reported that domestic debt in Gambia covers more than 120 percent of its GDP.

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