The National Assembly on Tuesday approved a $93 million loan agreement with the Saudi Fund for Development.

The $93 million loan agreement, which is part grant and part loan, is to finance infrastructure and energy projects in The Gambia to facilitate the successful hosting of the 2022 OIC summit in the country.

The Minister of Finance and Economic Affairs, Mamburay Njie, told the lawmakers that the objective of the project is to upgrade existing roads and construct new roads with a 50 kilometre road networks as well as the construction of a VIP lounge at the Banjul International Airport.

Minister Njie said the financial package will also cover the rehabilitation of water and sanitation plants in order to provide clean drinking water to the populace and visiting dignitaries at the OIC summit, as well as to upgrade the electricity network in the Greater Banjul Area.

Last month The Gambia and Saudi Arabia signed the $93million funding agreement for the 2022 OIC summit infrastructure.

The signing ceremony was presided by President Adama Barrow at the State House in Banjul.

Vice President Dr Isatou Touray, the Chairperson of the OIC Gambia Board, expressed profound thanks for the generous support of the Kingdom of Saudi Arabia, under the leadership of the King, Salman Bin Faisal.

Dr. Khalid S. Alkhudairy, Vice Chairman and Managing Director of the Saudi Fund for Development, explained that the funding is in four folds – two soft loans and two grants.