The World Bank has approved $60 million in financing to support the The Gambia to enhance the financial capacity of state-owned enterprises, strengthening revenue mobilization, improving economic governance and building climate resilience.
The government will use the funding to support its multifaceted strategy for economic growth which includes initiatives aimed at enhancing private sector involvement in the energy sector, promote competition in the groundnut sector, and facilitate the widespread adoption of digital payment systems.
“The Gambia is on a good growth trajectory despite the external shocks of recent years, but structural bottlenecks remain. To unlock its growth potential and improve the living conditions of vulnerable populations, it is essential for The Gambia to pursue and accelerate transformational reforms,” said Wilfried A. Kouame, World Bank Senior Economist and Task Team Leader of the project.
The funds will also be directed towards fiscal policy reforms, with a focus on ensuring transparency and efficiency in the management of public resources and institutions. Up to $20 million of the financing package will be dedicated to strengthening social and climate resilience through the implementation of efficient disaster risk management measures.
The funding comes at a time the MSGBC country ranks 148th out of 181 countries in terms of extreme climate vulnerability.