Africa-Press – Gambia. The Minister of Finance and Economic Affairs, Seedy Keita, has assured lawmakers that all proceeds from the Africa50 asset recycling agreement will be allocated exclusively to infrastructure development initiatives across the country.
Speaking before the National Assembly, Minister Keita emphasized the government’s commitment to infrastructure, although he noted that specific allocations—such as to road projects—could not be distinctly itemized at this stage.
“This is an asset recycling program, and we cannot distinguish which will go to roads, but we can assure you that everything will go to infrastructure,” he said.
The minister disclosed that the government has already received two tranches of funding under the agreement.
“We have already received an initial tranche of 15 million; that was the first tranche; the 15 million is the second tranche. We are expecting that in the third quarter or fourth quarter, because they have just assumed operations in April,” he added.
In response to a query from lawmakers, Minister Keita confirmed that the full financial agreement with Africa50 has been made publicly accessible.
“The agreement of Africa50 is fully uploaded on the website of the Ministry of Finance. If you need it as an assembly, we will be more than happy to provide a full agreement,” he said.
On the subject of Africa50’s involvement in the Senegambia Bridge, Minister Keita confirmed that construction work is already underway. “Africa50 has since started constructing the toll facilities. I’m sure people crossing that area will see. And they’re going to build the weighbridges,” he explained.
He noted that initial assessments revealed that the bridge had been frequently overloaded, which posed a threat to its structural integrity. Stating, “They will control the weight. And the initial studies done have indicated that the bridge was being overloaded. If intervention was not taken, the life of the bridge would be much lower; so far, the intervention they have done since taking over in April has given very good positive response, and we are pleased with what has started,” Keita said.
However, he acknowledged a shortcoming in the project’s rollout—specifically in public communication.
“This transaction had one major lapse. And that lapse was communication, and we asked them to do a communication plan where the entire citizenry will be informed and given the full plan of the area of what this asset recycling is all about, the investment they are doing,” he stated.
Minister Keita also disclosed a critical update regarding the bridge’s insurance status.
“Information for the August Assembly: the bridge was not insured before. But as we speak to the asset recycling transaction, the bridge is now fully insured for the life of the asset recycling period,” he said.
He concluded by affirming that Africa50 remains in compliance with the agreed financial schedule.“the payment is according to the schedule in the financing agreement in the concession agreement; they are on schedule,” he affirmed.
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