The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development (the OPEC Fund) has on Thursday approved US$20 million for the Widening of Bertil-Harding Highway in The Gambia.
The allocation for one of The Gambia’s main road is part of a US$255 million catered for Project development operations across the world at the organization’s 174th Session of the Governing Board, held virtually.
In approving the funds for The Gambia’s Bertil-Harding Highway project, OPEC Governing Board said “It will improve existing road capacity, enhance safety and reduce travel times. It will also improve access to markets, social and health services and foster employment opportunities. The project is in line with the government’s National Development Plan and is expected to directly benefit more than 500,000 people“.
The Bertil Harding Highway expansion project is a key activity for the Organisation of Islamic Corporation (OIC) Gambia’s proposed fifty kilometers (50KM) of 20 new urban roads construction that will commence in March 2021.
Gambia OIC office recently disclosed that when completed, the Bertil Harding Highway will be turned into a dual carriage alongside a pedestrian walkway on each side. They also announced that the road will be fitted with streetlights, drainage system, footpaths, where applicable.
On Thursday, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said that the funding, approved across three of the OPEC Fund’s financing windows (public, private and trade finance), “It is the time for development institutions like ours to demonstrate togetherness and show how we can help bridge the gap between the ‘haves’ and the ‘have-nots’. The OPEC Fund is moving smart and fast, and working in partnership to deliver resources to the people most in need.”
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[…] The funding for the project is provided by the Saudi Fund for Development to a tune of $ 22.5 million. Queried about how trustworthy such a funding scheme could be, with experiences of mismanagement uncovered in some countries hosting summits before The Gambia, Nfally Fadera replied that the monies to finance the OIC project do not come in cash to land in the hands of OIC officials. He explained that the financing mechanism is driven by project implementation agencies. “Our office’s responsibility is to facilitate the project while other government institutions are the implanting agencies”, Mr Fadera explained. […]
[…] The funding for the project is provided by the Saudi Fund for Development to a tune of $ 22.5 million. Queried about how trustworthy such a funding scheme could be, with experiences of mismanagement uncovered in some countries hosting summits before The Gambia, Nfally Fadera replied that the monies to finance the OIC project do not come in cash to land in the hands of OIC officials. He explained that the financing mechanism is driven by project implementation agencies. “Our office’s responsibility is to facilitate the project while other government institutions are the implanting agencies“, Mr Fadera explained. […]