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Foundation stones will also be laid for a new airport VVIP lounge and road infrastructure scheme in the country’s capital
Riyadh: The Saudi Fund for Development (SFD) recently took part in an official inauguration ceremony to mark the completion of the Banjul International Airport Rehabilitation and Development Project in The Republic of The Gambia.
The SFD supplied a loan worth $31 million to fund the project which will increase the airport’s operational capacity by 43%, enhancing trade and supporting economic growth.
In addition, the SFD has provided a further US$10.5 million loan to build a VVIP airport lounge which will provide facilities to host official delegations and international conferences. The foundation stone for the new VVIP lounge was laid during the official inauguration ceremony by the Gambia Vice President Dr Isatou Touray and the CEO of the Saudi Fund for Development, Sultan bin Abdulrahman Al-Marshad.
The ceremony was also attended by His Excellency the Gambian Minister of Finance and Economic Affairs, Maborai Negi, the Minister of Transport, Works and Infrastructure, Bai Lamine Job, and the representative of The Gambia in the Organization of Islamic Cooperation Yankuba Dibba.
The Gambia Vice President Dr Isatou Touray thanked the Kingdom of Saudi Arabia through the SFD for its commitment to sustainable infrastructure projects, including the development and expansion of Banjul International Airport, which will increase the living standards of two million people.
Sultan bin Abdul Rahman Al-Marshad said, “This is an important milestone in the growth and prosperity of The Gambia. The development of Banjul International Airport is an extension of the ongoing support provided by the Kingdom of Saudi Arabia to the Republic of The Gambia, which includes 14 development loans and five grants with a total value of US $215 million across transport, education, water, and economic development.
“This scheme is just one of over 20 projects the SFD has supported in the air transport sector around the world at a value of US$294 million, including the construction of runways, provision of engineering consultancy, and expansion of navigational services, aimed at stimulating sustainable economic and social growth.”
During his visit to The Gambia, the CEO of SFD will also lay a foundation stone for a major infrastructure project in the country’s capital, Banjul. The result of a financing agreement between SFD and the Government of The Gambia, the new roads project will have a budget of US$50 million. Covering over 50km, it will aim to reduce traffic congestion across the city.
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About Saudi Fund for Development
Since their inception in 1975, SFD has provided development funding 694 projects in 84 countries around the world. For over 47 years SFD have championed impactful development projects that lay the foundations and create the infrastructure for successful economies – building long-term prosperity and social progress. Inspired by their core values of compassion and generosity, SFD believe that by helping others, we all prosper. SFD loans help countries build roads, dams, hospitals, and schools – giving people access to the services, facilities, and networks they need. By investing their resources, know-how and experience – SFD offer people better futures for themselves and their communities. SFD promotes stability and prosperity through delivering projects that bring real and tangible benefits to people and communities in need, transforming human lives for the better.
For further information:
General Director of Corporate Communications: Randah Al-Hothali – ralhothali@sgd.gov.sa
Media Relations Director: Nawaf Alojrush – Alojrush@sfd.gov.sa
© Press Release 2021
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