Government of The Gambia has secured a public sector loan agreement amounting to USD 10 million.

During the 23rd Annual General Meeting of the Governors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Nana Agyekum Donkor, President of the EBID, announced that the Government of The Gambia has secured a public sector loan agreement amounting to USD 10 million.

This funding is intended to assist the National Food Security Processing and Marketing Corporation (NFSPMC) in implementing the second Generation National Agricultural Investment Plan focused on Food and Nutrition Security (GNAIP II-FNS).

The Bank’s President emphasized that the objective of this initiative is to enhance food security and increase agricultural productivity by ensuring the availability of affordable essential food items. It also aims to improve nutritional choices for vulnerable groups through strategic investments in technology, infrastructure, and capacity development.

“The EBID is dedicated to promoting socio-economic development within the ECOWAS sub-region by backing significant projects in critical sectors such as infrastructure, agriculture, health, transportation, technology, water and sanitation, and education,” he stated.

He further noted that this initiative is in line with the Bank’s priority sectors and contributes to the realization of the UN Sustainable Development Goals, particularly Goal 2, which aims to eradicate hunger and food insecurity.

“Despite the difficult global economic conditions, The Gambia has made strides in GDP growth, recovering from a low of 0.6% in 2020 to 5.3% in 2021, with projections indicating sustained growth above 5% in 2025 and 2026,” he remarked.

Inflation has decreased to 14.4% in 2024, with expectations of further reductions to 9.8% and 6.6% in 2025 and 2026, respectively.

He reaffirmed the ECOWAS Bank for Investment and Development’s dedication to supporting the National Development Plans of all ECOWAS member states, with the goal of enhancing livelihoods, generating employment, and strengthening the regional value chain.