The Gambian government has signed a USD 9 million loan agreement with the African Development Bank (AfDB) Group, to finance an agriculture value chains project, reports NaijaAgroNet.
The acting Vice-President, Sector Operations, AfDB, Kapil Kapoor, who signed the agreement for the bank, said that project which involves the production, processing and storage of or rice and livestock, will improve food security and create jobs.
He also said that the project is aligned with the bank’s High-5 priorities, especially the Feed Africa component, stressing that the government would implement the project as quickly as possible in line with the bank's new accelerated projects and programmes delivery approach.
In response, the Gambian Finance and Economic Affairs Minister, Abdou Kolley, who signed the agreement for his country, thanked the bank for the support, and said the project will go a long way toward the realization of his county's food self-sufficiency goal and promised that the government would work hard to reduce bottlenecks which cause delays in the projects implementation.
The Agriculture Value Chains Development Project (AVCDP) which was approved in March 2016, seeks to increase, on a sustainable basis, the income of rural producers, entrepreneurs engaged in the production, processing, storage and marketing of rice and livestock. It will also create shared wealth and jobs.
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