The Gambia government has started repaying a D563.8 million loan linked to the procurement of buses for the Gambia Transport Service Company. According to Minister of Finance and Economic Affairs Seedy Keita, the first principal and interest payment was made in May. This loan was advanced by the Social Security and Housing Finance Corporation to support the procurement of buses for GTSC, a public transport company providing transportation services in The Gambia.
The financing arrangement of D563,779,771.50 represents 50 per cent of the relevant loan settlement and will be repaid through 10 equal semi-annual principal instalments of D56,377,977.15, alongside declining interest payments. The repayment schedule commenced on 30 April and is expected to end on 30 October 2030. The first principal and interest instalment, originally due on 30 April, was paid on 12 May.
Minister Keita disclosed this information during a question and answer session at the National Assembly in response to a question from the Member for Brikama South on the repayment plan and commencement date for the loan. The repayment arrangement forms part of the government’s financial obligations to the social security institution, which manages contributions and investments intended to support its members and beneficiaries.
A parliamentarian asked how much the government had repaid in total since the commencement of the repayment period. In response, Minister Keita reiterated that the first instalment had been paid in May and said the repayment schedule was being implemented as planned. However, the minister did not provide the total amount paid to date when asked for further details.
The loan was advanced by the Social Security and Housing Finance Corporation to support the procurement of buses for GTSC. The government is expected to continue making payments every six months in accordance with the agreed schedule, which will run until October 2030.
With the repayment period scheduled to run for four years, the government will make a total of 10 payments. The payments will be made in semi-annual instalments, with the amount paid decreasing over time due to declining interest payments.
The repayment of the loan demonstrates the government's commitment to meeting its financial obligations. The Gambia Transport Service Company provides essential transportation services to the public, and the procurement of buses supports the company's operations.
Key points
- The Gambia government has started repaying a D563.8 million loan for buses used by the Gambia Transport Service Company.
- The loan will be repaid through 10 semi-annual instalments of D56,377,977.15, alongside declining interest payments.
- The repayment schedule commenced on 30 April 2026 and is expected to end on 30 October 2030.
