Seedy K.M. Keita Signs D18 Billion Deal — But Will Gambians Feel the Benefits?

Written by: Seringe S.T. Touray

Finance Minister Seedy K.M. Keita has signed a new three-year US$250 million (about D18 billion) financing deal with the International Islamic Trade Finance Corporation (ITFC) in Azerbaijan, with the Ministry of Finance describing the agreement as a major boost for trade and economic growth.

Yet many Gambians may greet the announcement with caution.

Over the years, the country has seen no shortage of major funding announcements, development pledges and high-profile projects unveiled with promises of transformation, only for questions to later emerge about what became of them.

One such example is the US$48 million (about D3.5 billion) forensic laboratory project announced just months after President Adama Barrow took power from Yahya Jammeh in 2017.

Nearly a decade later, the government has told the National Assembly that it cannot find records relating to the project, leaving many wondering what became of one of the largest security-sector investments ever announced.

The Ministry of Finance’s announcement says the new ITFC financing deal will support trade and economic growth, but it does not explain how the US$250 million will be allocated, which specific projects will receive funding, how much will go to each sector, or how the public will be able to track results.

Until those details are made clear, many Gambians will be asking a simple question: how will this be any different?