By BintaJaiteh
Mr. Seedy Keita, Minister of Finance and Economic Affairs revealed to lawmakers during the questions and answers session on Wednesday, that Jah Oil is a beneficiary of the BADEA $50 Million loan.
His answer was a response to the questions asked by Hon. Sainey Jawara, National Assembly member for Lower Saloum.
Minister Keita said the current beneficiary of the $50 million BADEA loan is Jah Oil, before lending the facility the Ministry of Trade led the process engaging all the interested Gambian-owned private companies on the requirements and conditions of the facility.
“The meetings were held with potential interested Gambian company owners to discuss the terms and conditions of the financing including the eligibility requirements,’ he explained.
According to him, it is important to note that access to the facility required a one-off non-refundable-front administrative payment of forty-eight million dalasi which must be paid by any interested company with a deposit of a cooperate guarantee equivalent to the amount of the lending which is $50 Million.
Adding, following the meetings only Jah Oil was willing to pay the administrative charges relating to the effectiveness of the financing and also posting necessary guarantees.
He explained that off-front payment unlocked the facility and it was therefore guaranteed to Jah Oil.
The lawmaker further questioned and requested the Finance Minister to update the Assembly on the terms and conditions of the facility, while the Minister replied that it was the Assembly that ratified the agreement and during the ratifications, all the terms and conditions were provided.
