BANJUL, Gambia--(BUSINESS WIRE)--The Saudi Fund for Development (SFD) recently signed an agreement with the Republic of The Gambia to provide a loan to finance the second phase of a development project at the capital’s Banjul International Airport. The improved facilities will see jobs increase to over 1000. The number of passengers will increase by 43%, reaching 400,000 per year.
The increase in capacity will allow five different airlines to be handled every three hours. The result of the expansion means Banjul is set to become a regional air transport hub. The modernization and upgrading are expected to contribute to the overall growth of The Gambia’s national GDP, impacting the lives of The Gambia’s 2 million population either directly or indirectly.
The SFD’s loan agreement is part of its ongoing effort to enhance economic stability and prosperity in The Gambia. The SFD has previously provided loans totaling USD 169 million for 12 projects including transport, education, water and economic development and 5 grants worth USD 43.5 million towards projects in the water and energy sectors.
The signing was attended by The Gambia's President Mr. Adama Barrow, The Gambian Minister of Finance and Economic Affairs, Mr Mambury Njie and the Minister of Transport, Mr Bai Lamin Ousman Jobe. They were joined by H.E. Eng. Yousef Al-Bassam, SFD Adviser, SFD Director of the Legal, Abdulmohsen Almutlaq and SFD Director of Public Relations, Faisal Alkhushaiban.
SFD H.E. Eng. Yousef Al-Bassam said, “The Kingdom of Saudi Arabia represented by the Saudi Fund for Development is pleased to be able to offer assistance to help develop the economy in The Republic of The Gambia. An airport meeting international standards is vital for the growth of trade, tourism, investments, air transport, logistics and maintaining worldwide links and SDG’s by UN.”
The SFD is one of the largest development and sustainable assistance providers. Since 1975 the SFD has played a vital role by providing loans and financial assistance to more than 1,000 projects in developing nations. The SFD is aligned with the aims of Saudi Arabia’s Vision 2030 roadmap which seeks to enhance economic and social stability in those countries which need it.