Hon Mousa Gibril Bala Gaye, the Secretary of State for Finance and Economic Affairs, has revealed that The Gambia owes an amount of UA 114.05 million to the African Development Bank group.

In his opening statement at a National Project Implementation workshop at Kairaba Beach Hotel on Monday, Secy Gaye said that the African Development Fund accounts for around UA 113.25 million, representing 99.33%, while the remaining 0.75 million is owed to the Nigerian Trust Fund. “Total debt owed to ADB group represents almost 27% of the overall external debt of The Gambia, and thus ranking the African Development Bank group as The Gambia’s second largest creditor,” he revealed.

He however said that the Bank’s group procurement and disbursement rules and procedures, irregular submission of project progress and audit reports, and delays in fulfilling loans and grant conditions preceding effectiveness are all adverse factors that normally cause avoidable delays in project implementation and completion. “The Gambia government has resolved to overcome these challenges, and this training workshop is one of concrete actions to help back that resolve,” he pointed out, adding that in The Gambia, poverty is widespread and endemic, although there is evidence of alleviation in certain areas of the country.