By Yankuba Jallow
The President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, has announced a $10 million public sector loan to The Gambia in support of the country’s National Food Security Processing and Marketing Corporation (NFSPMC). The loan, signed as part of the second-generation National Agricultural Investment Plan for Food and Nutrition Security (GNAIP II-FNS), aims to strengthen food security and agricultural productivity in the West African nation.
Dr. Donkor described the investment as a strategic step toward ensuring the availability of affordable food commodities in The Gambia, while enhancing resilience to market volatility. “This project will improve the nutritional options for vulnerable populations through targeted investments in technology, infrastructure and capacity building,” he said.
The initiative aligns with EBID’s development mandate to support key sectors such as agriculture, health, infrastructure, transportation, and education across the ECOWAS sub-region. It also contributes directly to the United Nations Sustainable Development Goal 2, which targets the eradication of hunger and food insecurity.
Dr. Donkor praised The Gambia’s recent macroeconomic performance despite global economic shocks, including the COVID-19 pandemic and conflicts in Ukraine and the Middle East. He cited data showing GDP growth rebounding from 0.6% in 2020 to an estimated 5.8% in 2024, with projections maintaining growth above 5% through 2026.
Inflation, which peaked at nearly 17% in 2023, has also begun to ease, with expectations that it will fall below 10% in 2025. Meanwhile, public debt, which reached 88.9% of GDP in 2020, declined to 75.2% by 2023 and is projected to dip below 70% in the medium term.
Despite challenges in balancing trade and fiscal deficits, Dr. Donkor expressed optimism about The Gambia’s economic trajectory. “By boosting agricultural productivity, this project will support income-generating exports through agribusiness and improve the country’s balance of payments,” he said.
He reaffirmed EBID’s commitment to supporting national development plans across all ECOWAS member states, expressing hope that the project will create jobs, improve livelihoods, and strengthen regional value chains.
