The Kuwait Fund for Arab Economic Development (KFAED) and Gambia on Friday inked a loan agreement worth nearly USD 11 million

The deal, which was signed in the Gambian capital, Banjul, is meant to contribute to completing the second stage of the Banjul International Airport in order to meet the increasing movement of passengers and cargo, KFAED said in a press release.

The loan deal was signed by Gambian Secretary of State for Finance and Economic Affairs Mousa Bala Gaye and KFAED Deputy Chairman Hamad al-Omar, it added.

Gambia will use the loan in the completion of the second stage of the Banjul airport, including the establishment of two new runways and restructuring of the terminal and control tower and other facilities, it added.

KFAED has so far extended a total of nine loans worth nearly USD 80 million to the Republic of Gambia for bankrolling various projects in the African country.

It has also given Gambia financial aid in the vicinity of USD 2.7 million.