By Omar Bah
The Gambia and the European Union have signed a new Financing Agreement to implement the 4th State and Resilience Building Contract for The Gambia. The total funding of the European Union to the Financing Agreement is 40 million euros (D2,93 billion). Thirty-six million euros will be disbursed during the fiscal years 2023 and 2025, and 4 million euros will be paid for complementary support.
The overall objective of the Financing Agreement signed by Minister of Finance Seedy Keita and EU Ambassador Corrado Pampaloni is to support the government in its efforts to consolidate a peaceful, inclusive, and democratic society while promoting gender equality.
The EU Ambassador to The Gambia, Corrado Pampaloni, said the agreement serves as a tangible manifestation of the EU’s shared commitment to strengthening the foundations of governance, stability, and resilience in The Gambia.
“The objectives outlined in this agreement are not just financial commitments. They embody a common vision for a Gambia that is economically stable, socially inclusive, and politically resilient. We are placing particular emphasis on bolstering key sectors instrumental for sustainable development,” he added.
The agreement focuses on the implementation of the White Paper commitments related to the recommendations from the TRRC; the formulation and implementation of the National Development Plans for 2023-27; the expansion of Social Protection support programs for the vulnerable population; enhancing relevance and accountability of Public Financial Management for the delivery of essential services to the citizens of the Gambia and migration management with a specific focus on readmission and reintegration, in recognition of the multifaceted challenges faced by both Europe and The Gambia on irregular migration.
The funding of the financial agreement is not earmarked for specific expenses. The funding goes to the General Treasury to ensure the State’s ownership over the national budget. However, in the framework of our budget support programs, The Gambia and the EU agree on a certain number of objectives translated into indicators. Concretely, a part of the budget support is disbursed through fixed tranches. Another chunk of the budget support funding is spent via variable tranches related to implementing these specific agreed indicators. In other words, 100% of a given variable tranche is allocated, provided 100% of the related hands are met. To ensure an efficient implementation of the program, both parties carry out a regular policy dialogue encompassing all the critical results identified in the Financing Agreement.
