Skye Bank Opens in The Gambia

Skye Bank (Gambia) Limited is a wholly owned subsidiary of Skye Bank Plc.



The Subsidiary was incorporated in The Gambia in June 4, 2008. The bank is a result of one of the efforts of extending efficient and courteous banking service, for which Skye Bank Plc is known, in all parts of Africa.


Skye Bank (Gambia) Limited is also an offshoot of the expansion plan of Skye Bank Plc towards being one of the preferred banks in Africa.


The staff in Gambia are equipped to deliver everyday traditional banking services with as much professionalism and courtesy to all customers. Customers will also enjoy offerings of retail banking products and services, corporate banking services as well as interbank and international trading transactions.

Board of Directors Profile

Mr. Akinsola Akinfemiwa (Director):

Mr Akinsola Akinfemiwa is the Managing Director/CEO of Skye Bank (Nigeria) Plc. He is a seasoned professional banker with over twenty-six years of banking experience. He holds a B.Sc. degree in Agricultural Economics from the University of Nigeria, Nsukka and an M.B.A. degree from the University of Ife, Nigeria. He was the Deputy Managing Director (DMD) in charge of Corporate Banking and Risk Management Group and the Chief Credit Officer [CCO] at Chartered Bank (Nigeria) Plc. before joining Prudent Bank (Nigeria) Plc as the MD/CEO in the year 2000.


Mr. Akinsola Akinfemiwa worked in African Petroleum Nigeria [formerly British Petroleum Nigeria], Peat Marwick, Casselton Elliot and Co. Nigeria and International Merchant Bank Nigeria. He has attended several training programs including: the International Banking Course at the Manchester Business School, University of Manchester, U.K. He also had an attachment program at the First Chicago Leasing Corporation [a 100% owned subsidiary of The First National Bank of Chicago]. Mr Akinfemiwa attended Senior Executive Internship program at the American Express Bank N.Y. He has also attended the Strategic Management in Banking Program and the Advanced Management Program of the European Institute of Business Administration [INSEAD], France. Special areas of his expertise include Corporate Banking, Project

Financing and Advisory Services.


Mr. Kehinde Durosinmi-Etti (Director):
Mr Kehinde Durosinmi-Etti is the Deputy Managing Director/CEO of Skye Bank (Nigeria) Plc. He was the Managing Director and Chief Executive Officer of EIB Bank International, member of the Skye Bank Group. He holds a Bachelors Degree in Economics from the University of Ibadan and is also a Fellow of the Chartered Association of Certified Accountants (FCCA).


He commenced his banking career in 1987 with Nigeria-American Merchant Bank Limited (affiliate of Bank of Boston), where he was, at various times the head of Accounts and Information Technology Division as well as the head of the bank's Management Internal Control section. He left in 1990 to join Midas Merchant Bank Nigeria where he worked in several capacities including Head of Treasury, Assistant General Manager in charge of the Money Market Division, Executive Director and eventually the Chief Executive Officer. He subsequently joined the Lagos Building Investment Company Limited as Managing Director in 2001, a position he held until 2002, after which he assumed position as the Managing Director and Chief Executive Officer of EIB. Mr. Kehinde Durosinmi-Etti currently has the responsibility of supervising business development bankwide.


Abdoulie Mam Njie (Chairman):
A Gambian, Mr. A.M. Njie has a total of twenty-four years of working experience. He started his Career as an Industrial Economist in 1983 with the Ministry of Economic Planning and Industrial Development, Banjul, The Gambia. His responsibilities here included appraisal of applications for development certificates from sponsors of industrial projects, and investment proposals in the Tourism sector. He was a representative of the Ministry of Economic Planning on the Tourism Liaison Board.


In 1988, Mr. Njie became a Principal Economist in the Economic Affairs division of the Ministry of Finance and Economic Affairs of The Gambia – His responsibilities covered the revision of Public Investment Programme and the formulation of the Annual Plans. He also coordinated and monitored the preparation and implementation of the annual development budget. Mr. Njie participated in the implementation of the Economic Management Capacity Building Programme for the Ministry of Finance and Economic Affairs of The Gambia, this he did as a member of the Macro-economic and Strategic Planning Working Group.


Mr. Njie served in different capacities at the Ministry of Finance and Economic Affairs between 1992 and 1998. These included serving as the coordinator for the formulation of the Poverty Alleviation Programme, Head of Strategy for Poverty Alleviation Coordinating Office, Chief Economist and Deputy Permanent Secretary of the Economic Affairs Division.


He worked with the Ministry of Health, Social Welfare and Women Affairs between 1998 and 2000 as a Permanent Secretary and Project Manager. He had a brief stint with the private sector when he served as the Adviser to the proprietor of Gacem Cement Plant, Gamwater Mineral Water Factory and Gamsen Construction Company – Mr. Amadou Samba.


He returned to the public sector between 2001 and 2005, serving as Permanent Secretary in the Department of State for the Interior and Religious Affairs, Department of State for Tourism and Culture and Department of State for Health and Social Welfare. He also worked as the Marketing manager for Shyben A. Madi and Sons Limited – a general merchandising company that serves as sole distributor for all multinationals present in The Gambia.


Mr. Njie holds a B.A. (Economics) 1983 – Elmira College (NY) and M.Sc. (National Development and Project Planning) 1987 - University of Bradford (UK). He currently runs his own business advisory and consultancy outfit in The Gambia.


Mambury Njie (Director):
Mambury Njie has a work experience that spans over eighteen (18) years. He started his career as a Cadet Economist at the Special Studies Unit of the Ministry of Finance and Trade in The Gambia from 1988 – 1989. He became a Policy Analyst at the policy analysis Unit of the Office of the President later in 1989 and served as an Economist in the Department of State for Finance and Economic Affairs between 1990 – 1992, he later rose to become a Principal Economist in that department before been appointed as Economic Counsellor to the Gambian Embassy in Taiwan and the Philippines in 1996. At the Embassy, he served as Acting Head of Mission (1997) and the Ambassador of The Gambian to Taiwan and Philippines (1997 – 2001).


He served as a Permanent Secretary in the Office of the President of The Gambia from July 2001 to October 2004 when he was moved to be the Managing Director of the Social Security and Housing Finance of his country.


Mambury Njie holds a B.A. (Economics and Political Sc.) 1986 – East Stroudsburg University (Penn.); Certificate in Macroeconomic Analysis for Structural Adjustment (1991) – World Bank Economic Development Institute (Zimbabwe); M.Sc. (International Affairs – Economic Policy Management) 1993 – School of International and Public Affairs, Columbia University (N.Y.); Diploma in Investment Appraisal and Management (1993) - Harvard University (Massachusetts), Diploma in Managing a Global Competitive Economy (1993) – Arthur D. Little Management Education Institute (Mass.).


Between 2005 – 2006, he was Chairman Board of Directors, Gambia National Petroleum Company; 2004/2005 – Member of Bureau and Council of International Social Security Association; Board member, CFAO Gambia; Board Member, Gambia Agricultural Marketing company (GAMCO); Board Member, Ocean Bay Hotel & Resort; Chairman Board of Directors – Home Finance Company; 2001 to 2004 – Board member, National Water and Electricity Company Limited; 2002 to 2006 – Board member, Jammeh Foundation for Peace and Chairman of its Finance Sub-committee; Board Member – Trust Bank, Gambia and Chairman of the Remuneration Committee.


He was also Secretary General and Head of Civil Service of The Gambia from July 2005 to October 2006. He is currently working as a private consultant.

The Board of Directors and management team have also been carefully selected to ensure a well balanced and ethical approach to our banking services based on integrity and professional banking practices.

Social Capital Markets – big shift for Africa?

The Social Capital Markets 09 conference in San Francisco (for instance, www.socialcapitalmarkets.net) is attracting a lot of interest, with nearly 900 attendees and 100 speakers.

Social capital and impact investing are signs of a major shift, as some top skilled investors start seeing how management and finance can be brought to bear to change lives for the better. Development, at heart, is about developing people, and in many cases it means developing them to run “sustainable” (that can only mean “profitable”) businesses.


Social Capital Markets 2009: Investing at the Intersection of Public Good & Market Discipline

by Shital Shah


How can a blend of capital and partnerships help address a market failure? During the session on “Investing at the Intersection of Public Good & Market Discipline: The Case of Agricultural Finance,” a diverse set of panelists came together to explain the case of agricultural finance and Root Capital’s www.rootcapital.org approach to providing public goods using market discipline. Moderated by a leader in the field, Antony Bugg-Levine (Managing Director, Rockefeller Foundation www.rockfound.org), the panel included Namrita Kapur (Vice President of Strategic Partnerships, Root Capital), Richard Lautch (Treasurer, Starbucks www.starbucks.com), Preston Pinkett (Head of Prudential’s Social Investment Program www.prudential.com) and Robert Schneider (Senior Alliance Advisor, USAID Global Development Alliance www.usaid.gov).


Ms. Kapur explained Root Capital’s three-pronged approach to finding the right mix of public good and financial investments. Root Capital offers a lending model for the “missing middle” using the strategy of “finance, advise, and catalyze” for clients that range from coffee farmer cooperatives to artisan associations.

An example she offered was on cocoa farming in Tanzania. Cocoa farmers received assistance from local NGOs, but were still missing credit. Root Capital did their due diligence and found that all was well with the cooperatives, except that farmers were not good at bookkeeping. Before investing (finance), Root Capital offered training on technical services (advice), and worked with a range of global organizations (catalyze). The result of these efforts was 1,000% (!) percent growth in sales by the end of the second year.

The range of organizations that Root Capital catalyzes includes partners that have a natural interest in their work with a segment of their clients, such as Starbucks, to organizations that are looking to add social impact to their financial investments, such as Prudential Financial. In fact, Starbucks just announced [SS1] an additional $2 million investment into Root Capital to improve the quality of life for farmers in Africa and Latin America, according to a statement of founder William Foote at another session during SoCap.

For Prudential, as Mr. Pinkett pointed out, investing in Root Capital makes sense because they offer a business model to move people out of poverty and have the ability to see something where a commercial lender would see nothing. Finally, USAID sees Root Capital as an appropriate partner as part of their effort to create public private partnerships, and can offer credit guarantees to make sure that the capital evolves.


Part of an emerging theme throughout SoCap seems to focus on metrics, measurement, and monitoring, and this breakout session was no exception. Mr. Lautch explained that certain metrics, such as number of farmers, average holding size, and growth plans can be measured, but it would be useful to know the end impact to farmers and their families.

Pulling the various partners onto the same panel provided an interesting perspective that each one needed to make the link for their organizations on why investing in Root Capital would bring the right mix of financial and social return. For each individual organization, the link was slightly different, but collectively, the importance of partnerships highlighted a common theme.


The debate on metrics and the healthy tension in discussion around the proper rates charged for risk revealed that numbers are an obvious driver in decision making; however, it was not lost that every organization on the panel was also raising questions on the level of social impact that their investments could have. Mr. Pinkett made the simple but crucial statement that you want to actually care about who you are lending money to – they are not just clients, but an important population to bring out of poverty.


While this particular breakout session focused on agricultural finance, the same blend of capital and partnerships could go a long way for many other issues. As Mr. Bugg-Levine touched on, the key is about addressing the conflicting agenda of building bridges to entry and simultaneously receiving money on return – a feat that organizations like Root Capital, along with their partners, are learning to accomplish around the world.

Indian company reveals plans to invest $15mn in Gambia’s agric sector

A Senegal-based Indian agricultural company, Omega Agric and Infrastructure, plans to invest US$15 million in The Gambia’s agricultural sector, APA learns here on Wednesday.



The Director of Omega Agric and Infrastructure, Sheckan Rabade, said "we are giving a practical module to the government of The Gambia for consideration and we want this plan to be in the country’s national forum for agriculture development. We have a provision of ten million dollars for technical development and five million dollars for rural development, which includes rural electrification and sanitation".


Rabade added that his company plans to dig boreholes in the rural areas and give the best variety of seeds to the local farmers. He also said that his company plans to train the local farmers and encourage the youths to take part in the development of the rural economy.


He remarked, "We are pleased with all the assistance we received from officials of the government. They have given a keen hearing to the subject and we got the necessary cooperation from them".

Gambia Real Estate Destination

The Gambia on the West Coast of Africa is set to be a great place to invest in real estate and has been staring investors in the face for some years.The Gambian government is totally committed to business development and free enterprise.

It has a reputation as a tranquil, secure destination with property conveyanceing and laws based on the British system., low inflation, fiscal stability and one of the lowest crime rates in the world. It seems that Gambia is ripe for investors he Gambia.

A former British Colony Gambia remains one of the safest countries in Africa. Gambia has been a holiday hotspot for Europeans one of the reasons for this is the fact that Gambia is on average only 6 hours away and has the addded benfit of no jet lag.


Tourism is now one of the dynamic sectors of the economy, contributing 16% of the country's GDP with a 19.2% jump in visitor figures from the previous year.


There are a number of new developments under construction along the coast and in the villages nearby. If you are looking for off-plan property, the opportunities right now are available, and at very low costs. There are also a number of inhabitable existing properties that can be had for a very small investment.

Some properties have been constructed and just need to be finished out, pending a sale. If you are looking for a good international investment, it's hard to go wrong in Gambia.


Real estate investors know that good communications are te key to success for any region. After all those who may want to rent or buy your property need to ba able to get there easily. UK overseas property buyers are only a six-hour flight from the UK with no jet-lag,


The Gambia coast offers miles of superb golden beaches and the vibrancy of Bakau, Serrekunda and the capital, Banjul, is as colourfully African as you might imagine.


Gambian people are generally multi-lingual from an early as age five, Gambians speak about 2 to 3 languages an evidence of ethnic harmony.


Construction aimed at investors is underway at the ocean-side village of Brufut in Gambia this investment real estate comes in the form of a modern housing development.


Time for investment is now whilst Gambia is still not on the lips of every investor, emerging markets offer a one off opportunity to benefit from low prices that are set to rise as the interest and demand increases The Gambia could well be such a place .

Invest in the Gambia

The Gambia Investment Policy



The Gambian Investment Policy is predicated on the following premises:


1. The Gambia is a democratic state dedicated to freedom, peace, progress and justice.
2. It has a stable constitutional regime that guarantees fundamental rights and liberties, including private property rights.
3. It is committed to a liberal, free market economy and an open society .
4.The Directive Principles of State Policy enunciated under the Gambian Constitution provide for a pronounced role for the private sector as it is reflected in the document "The Gambia Incorporated. ..Vision 2020" and the document "Economic and Financial Policy Framework for 1998- 2000".
5.The State is constitutionally obliged to pursue a policy of encouraging and protecting beneficial investment, both domestic and foreign, which is regarded as one of the driving forces in economic development as reflected in the membership of The Gambia in such organizations like MIGA (Multilateral Investment Guarantee Agency) and WTO (World Trade Organization).
6.The Gambia seeks to be a trade and an investment gateway to the sub-regional ECOWAS market by reason of its geographical location and close proximity to the European Union markets as reflected in the Trade Gateway Initiative.


Macroeconomic Environment and Investment Policy
Government recognizes that in view of The Gambia's limited resource base, the only way of overcoming the country's serious resource constraint is attracting investment. More particularly, Government recognizes that if development objectives are to be achieved, The Gambia needs capital, sophisticated technology, development of management skills and access to foreign markets. Investment, both domestic and foreign, is therefore welcome in The Gambia. Furthermore, Government appreciates that the creation of an enabling macro- economic environment is an essential pre-requisite to investment flows. Government has therefore initiated policies that promote economic growth, the diversification of economic activities and the expansion of the private sector.


The existence of a vibrant private sector is a necessary precondition for attracting both foreign and domestic investment. Government has therefore initiated and adopted appropriate measures to address the constraints on private sector development such as:


(i) the dearth of investment capital which is accentuated by limited facilities for long- term development financing, including the lack of development banks;
(ii) the traditional inclination of the commercial banks to support trade and not productive sectors;
(iii) the incidence of high interest rates which operates as a major disincentive to private business undertakings;
(iv) government borrowing through high yielding treasury bills which adversely affect the availability of capital for investment in productive activities;
(v) an uncongenial tax regime;
(vi) a legal system which is not sufficiently responsive to the demands and challenges of a liberal market economy;
(vii) prohibitive prices for utility services, in particular, electricity;
(viii) limited freight capacity leading to high freight charges;
(ix) shortage of a sophisticated and skilled labor force;
(x) limited system of training facilities for entrepreneurial development.


Macro economic Policies
The Gambia has demonstrated, during the last years, a significant development in her macro- economic environment. Nonetheless, there are underlying weaknesses to be addressed. These include the level of fiscal deficit in the current account, the high level of real interest rates, the pressure of debt service payment on the budget, the high level of impaired bank loan portfolio and the uncompetitiveness of the banking sector. The core of these problems has been identified as the fiscal deficit and the inadequacies in the monetary policy management. Government is trying to address these problems by adhering strictly to sound financial policies, prudent fiscal and conservative monetary management.


Government appreciates the need to provide strong support and encouragement to Gambian enterprises without embracing measures that are ultimately injurious to the principle of free competition. As a small country with a limited productive base, Government considers that the economic interests of The Gambia are best assured, not by erecting rigid protective barriers but by allowing free and unimpeded access to the larger markets of the neighboring sister countries in the West African sub-region and Africa, generally.


Priority Areas
Although foreign and domestic investment is welcome in virtually all sectors, the Government attaches the highest priority to investments in these following areas: agriculture, fisheries, tourism, forestry, manufacturing, energy, skills development, selected services, mineral exploration and exploitation.


The Government recognizes that the long term economic development lies in the services sector, which provides a competitive advantage to the Gambia. Services now account for 60% of the Gambia's GDP and the contry's competitive advantage lies in this sector. Government will therefore assign the higest priority to this sector and retake appropiate steps to ensure that by 2020, the Gambia serves as the entrepot for West African sub-region and information technology. Based economic with a strong service sector centered on transportation, telecommunications services, trade and financial activities, tourism, information technology services, Government and professional services (such as education, trainng, research, consultancy, health, legal, management, accounting, etc.)


The aboved services will be supported by a productive base in agriculture and natural resources aimed not only at self-sufiency and security, but also to support light agro-based industries. This would involve the export of high valvue crops.


The other priority in the productive sector will focus on light manufacturing and assembly concentrated in high technology and high value added industrial activities. The National Industrial Policy formulated in 1997 states that industrial policy in The Gambia will focus on two key elements, namely,


a) the development of a foreign investment driven 'export sector by designing a special incentive package for export oriented investment and ensuring the smooth functioning of a one-step investment service; and
b) domestic primary resource based industrial sector driven by both foreign and local investment comprising small medium and large enterprises and catering for export as well as domestic demand.


Government will support the establishment of free economic zones and special industrial zone, which will benefit from specials regimes to be established under a Free Zone Authority.
In short, Government will make full use of the country's competitive advantage to expand and strengthen the service sector to service the West African region.


II. SCOPE OF INVESTMENT ACTIVITIES
The Gambia is an open society committed to a liberal economy, and subject to the minor exceptions below, Government does not intend to introduce any restriction on the range of business activities in which foreign investors may engage. Foreign investors may invest in sectors which are open to .Gambian private investors, and will not normally be subject to any restrictions not applicable to domestic investors.


Although, in principle, all sector') are open to investment, the following refinements of this policy should be noted:

(1) As intimated above, this open door policy does not detract from the Government's intention to take appropriate steps to stimulate investor interest in the high priority areas indicated above.
(2) To the extent that the existing Gambian law creates a statutory monopoly for state agencies in certain business activities for example, the generation and distribution of electricity, appropriate legislative amendments will be introduced to permit the participation of foreign and domestic investors in these areas.
(3) Government will encourage foreign investors to seek local equity participation in joint ventures with Gambian business entities in order to enhance entrepreneurial, technical and managerial skills of local investors. Government does not impose on foreign investors any requirement to that effect or any divestment in favor of Gambian nationals.
(4) With regard to public sector equity stake, Government does not oblige foreign investors to offer equity participation to Government or a Government agency. However, as in the case of the private sector, foreign investors may, in particular projects, establish by agreement, joint ventures with the state or with public sector entities. Government may seek equity participation in establishing projects, where the private sector is not engaged in and which are perceived to have potentials of impacting socio-economic development in the country .This is particularly significant in natural resource and infrastructure projects.
(5) Natural resources, including the resources of the territorial sea, the continental shelf and the exclusive economic zone belong to the state. An investor cannot acquire rights over them unless there is a grant by the State of a lease or a license under applicable legislation. Government anticipates that in the case of new investments in major natural resource projects, an investor will seek a comprehensive agreement with Government about the terms and conditions on which exploration for and production of resources may take place.


III. GUARANTEES AVAILABLE TO INVESTMENTS


Foreign exchange availability
The Gambia provides a very attractive environment to investors with regard to foreign exchange. The Gambia has liberalized her foreign exchanged system and therefore, places neither controls nor restrictions on the transfer of funds into or out of the country. However, in order to assuage any possible concerns by large scale investors, financial and monetary policies are in place that provide adequate guarantees for availability of foreign exchange in the market to enable them:


(a) to transfer after-tax profits to shareholders resident outside The Gambia in the foml of dividends, or, in the case of companies incorporated abroad and carrying on branch operations, to make remittances to head office out of funds representing after-tax profits;
(b) in the case of loans, for which foreign exchange availability has been guaranteed by the Central Bank, to repay the principal sum due and to pay interest and service charges on such loans as they fall due;
(c) to pay lincense fees and royalities due persons resident outside The Gambia; and
(d) where there has been a sale of the investment to a resident of The Gambia or a reduction of the share capital, to repatriate the proceeds.


Security of title
Government assures any investor in the security of title and guarantees that the investment will not be expropriated. It is not in the interest of The Gambia to expropriate private sector business, whether domestic or foreign. Any such policy would be at variance with its commitment to the growth of the private sector. While expropriation of private sector assets is not Government policy, all governments in the complex conditions of modem society require rights of eminent domain. In the unlikely event of expropriation, the Gambian Constitution provides that such a measure will be subject to stringent conditions as to the justification, procedures and compensation for the expropriation. Article 22 (1) of the Constitution stipulates as follows:
No property of any description shall be taken possession of compulsorily, and no right over or interest in any such property shall be acquired compulsorily in any part of The Gambia, except where the following conditions are satisfied:

(a) the taking possession or acquisition is necessary in the interest of defense, public safety, public order, public morality, public health, town and country planning, or the development or utilization of any property in such manner as to promote the public benefit; and
(b) the necessity therefor is suclt as to afford reasonable justification of the causing of any hardship that may result to 'aIly person having any interest in or right over the property; and
(c) provision is made by law applicable to that taking of possession or acquisition -


(i) for the prompt payment of adequate compensation;
(ii) securing to any person having an interest in or right over the property , a right of access to a court or other impartial and independent authority for the determination of his or her interest or right, the legality of the taking of possession or acquisition of the property, interest or right, and the amount of any compensation to which he or she is entitled, and for the purpose of obtaining prompt payment of that compensation.


Government reinforces the above guarantees and in particular provides for the reference of any dispute between the Government and, in particular a foreign investor, in respect of the said compensation and manner of payment to international arbitration for final determination.


IV. SPECIAL INVESTMENT AND INVESTMENT INCENTIVES


Special invesment
Government recognizes that the fiscal sector needs to be refonned in order to make it more competitive with regard to neighboring countries and the international market for investment. Until the refonn of the fiscal sector to provide a more competitive environment is implemented, Government deems it necessary to grant investment incentives to special investments.


Foreign as well as local investors that are not qualified for, or do not seek, the special regime of incentives will not be assessed for approval against any specified criteria. They will therefore not be subject to the requirement of prior authorization. They will, of course, be subject to the applicable laws of The Gambia in force from time to time and such business regulations as the requirement to incorporate or register a company or obtain a license for engaging in a particular business activity.


A Certificate of Special Investment to be issued by the Secretary of State for Trade, Industry and Employment for a period of three years and shall be monitored to ensure compliance with the under-mentioned eligibility criteria and that the incentives granted have been utilized for the purpose they were granted. The incentives shall be subject to review after two years or as soon as a reform of the tax system is completed and a more competitive tax regime is in place.


Eligibility Criteria.
Investors who seek to receive the investment incentives will have to apply for the status of special investment, which should confirm with the following eligibility criteria:


(i) The investment must be organized as a company or a partnership under the Laws of The Gambia;
(ii) The minimum investment of fixed assets must be of the value of 100,000 US Dollars or the equivalent amount in local or any other freely convertible currency or currencIes;
(iii) Investment must be made in the sectors as described in annex I.


Invesment Incentives


The following incentives will be awarded to Special Investments.


(a) Exemption from customs duties on the following items:
(i) the approved capital equipment, machinery, appliances, furniture and fittings to be used in establishing the project; Investment Policy
(ii) the approved quantity ofsemi-finished products, spare parts, raw materials and other supplies to be used in the production process.
(b) Exemption from the sales tax on the above mentioned imported goods.
(c) Exemption from the turn-over tax.
(d) Special scheme of accelerated depreciation as follows:



The foregoing incentives will be administered as part of the general tax law.


(e) Preferential treatment for the allocation of land for the site of the proposed investment and the provision of infra-structural facilities.
Appropriate regulations will be issued by the responsible Secretary of State to spell out detailed guidelines for the implementation of the above incentive scheme.


V. THE INSTITUTIONAL FRAMEWORK
Government will establish an appropriate institutional framework to ensure the implementation of the investment policy, the encouragement of investors and the promotion of The Gambia to investors. Such an institutional framework will, as far as possible, eliminate the cumbersome bureaucratic procedures that operate as a disincentive to dynamic investment activity and, as far as practicable, constitute a "one-stop shop" mechanism. For this purpose, an Investment Promotion Agency (called "Agency" from here on) will be established under the responsibility of the Department of State for Trade, Industry and Employment.


The Agency will have four distinct but interconnected functions with regard to investment:


(a) It will be responsible for initiating and coordinating the investment promotion activities of the government. This will involve identifying a range of investment opportunities and making sure that relevant information about them is available in The Gambia and abroad. In this capacity, the Agency will be the focal point for all inquiries by prospective investors. The Agency will act in close relation with the private sector;
(b) It will function as a one-stop agency for investors to support them in obtaining certificates, licenses, permits needed for establishing the investment in the country;
(c) Where application is made for a Certificate of Special Investments, the agency will be responsible for coordinating the activities of the various Departments of Government contributing to the appraisal of the investment proposal;
(d) The Agency will undertake, using its own specialist staff and the expertise available from technical Departments as well as from the private sector, an appraisal and analysis of investment proposals in the light of the criteria mentioned above. In that capacity it will prepare briefs for, and make recommendations to the Board of Directors of the Agency whose role in processing applications for Special Investments status is described below. The Agency will also provide advisory services and make available such services from other government institutions and related external organizations, if needed by the investor.


It is envisaged that a procedure will be established to be followed whenever an application is made seeking Special Investment status. In that context;


(a) All applications will be made to the Agency;
(b) The Agency will be responsible for ensuring that the investor provides sufficient information to enable a judgment to be made on the merits of the investment in the light of the eligibility criteria set out above. This will involve consultations with Departments of State directly concerned; for example, in mining or petroleum projects, the responsible Departments of State will be consulted on work programmes and other technical aspects of the proposed investment;
(c) When the Agency is satisfied that the inforn1ation necessary to assess the merits of the investment is available, and, using its own and other expert staff, appraised the investment proposal, the application will be referred to the Board of Directors of the Agency;
(d) The Board of Directors will be responsible for reviewing the proposed investment, after considering the brief and appraisal submitted by the Agency, and determine whether a Certificate of Special Investment be granted or withheld and advise the Secretary of State accordingly. Following a favorable decision, the Board of Directors of the Agency recommends to the Secretary of State for Trade, Industry and Employment to issue a Certificate of Special Investment to the Investor concerned.


VI. DISPUTE SETTLEMENT

The Gambia has a well established legal system and courts whose integrity and independence are guaranteed by the Constitution. All investors in common with Gambian nationals will have access to the courts to establish and protect their rights.
Furthermore, investors have the right to the following:


(a) As indicated above, if the investment is nationalized, any dispute between the investor and the Government about compensation will be referred for settlement to international arbitration;
(b) In the event a dispute arises between the Government and an investor about the status of Special Investment, or about the continued validity of a Certificate of Special Investment, the matter in dispute, if it cannot be resolved by agreement, may, at ~e instance of the investor, be referred for settlement to international arbitration.


Investors, particularly those making major investments in the natural resources sector, may enter into comprehensive agreements with the State which will provide, in the event of a dispute, for reference to international arbitration.

Piaggio’s new four wheeler – ape truk

Sahel Invest in partnership with FIB & Elton have just launched a new scheme to get you moving fast. If you are a trader, business owner or technician you can now own your very own brand new Piaggio APE Cargo Truck.

Piaggio ape three wheeler is the market leader!

Piaggio’s ape truk is powered by 482cc, single cylinder, indirect injection diesel engine which generates maximum power of 11.26bhp at 4500rpm. This water cooled engine develops a maximum torque of 23Nm at 3200rpm. Piaggio is the one which offers fuel efficient three wheelers in this mileage conscious segment.

Ape truk looks bold with its sturdy bumper and bigger tyres. Don’t forget this ape truk is from an Italian manufacturer. No more boring round headlamps like in the ace, ape truk’s headlamps are stylish and ape features prominent grille. Ape truk is aerodynamically designed which according to Piaggio will give you better pick-up.

Piaggio ape truk features hydraulic brakes on all wheels and for parking it uses mechanical brakes on rear wheels. Steering is made by using rack and pinion similar to ace. We have to wait to see power steering in this segment. Suspension of ape truk is by McPherson at the front and twist beam cross arm at the rear. Both at the front hydraulic double acting telescopic shock absorbers are offered to control the vibration.

Accessories and Versatility Steering lock with ignition key, roof lamp with integrated rear view mirror, both side sun visors and integrated blinkers are special add-on accessories offered by piaggio for the ape truk. With three side openable panels ape truk can be easily loaded/ unloaded and ape truk’s off the road capability is enhanced by its higher ground clearance of 185mm along with bigger and wider(155 R13) tyres.

For more information contact 220-7792732

Build A Nation- Block by Block

Innovative tools to Build a Nation

With house prices coming in at an all time high it's easy to see why so many are struggling to find an affordable family home. In The kombo's, it is now almost impossible to find a house for under $100,000 - with many hitting the half-million mark.

Despite this, many families seem to be overlooking cheaper housing options, skeptical to sway from traditional brick-built designs. The reluctance of Gambian families to take advantage of alternative housing types and less expensive technologies could leave them out of the property ladder altogether.There is an increasing number of property developers in The Gambia which are beginning to explore non-traditional building technologies.Home-Squared Gambia Limited, agents for Roots Hydra form Blocks & Habitat Africa, claims to have a solution to Africa’s housing problems: interlocking stabilised soil blocks, otherwise known as Hydra form.

The high cost of materials is a major contributing factor to escalating house prices in The Gambia, according to Keba Njie at Sahel Invest, one of Gambia's leading consulting firms.

"Cement is an expensive building material, and has to be imported from Senegal,” he explained to African Business Weblog. “Things are getting better – the stabilization of the Dalais against the Dollar in the past few years means that prices are more fixed, and the entry of more Chinese developers onto the market is driving everyone to seek better value materials and to decrease their prices.”

But the use of more local materials could drive down prices much further. Alternative building forms, which have been employed elsewhere, should also be embraced as a means of providing more affordable housing in The Gambia.

The alternative material was first introduced in 1988 in South Africa and is now used widely around Africa, South America India and Asia. The compressed stabilised soil blocks, which are said to be “more solid than any conventional block,” can be interlocked and dry stacked, therefore saving both time and money.

Although Home-Square is a fairly new start-up in The Gambia, they are currently in talks with Government over the use of their technology in the ongoing affordable housing projects. They estimate that the savings they make on materials and labour from hydro houses and the increased speed to put up result in an overall saving of 20 percent on the cost of a building.

The blocks are cheaper and faster to produce than traditional bricks. As Mr Gibi explains: “We use the low cost alternative material as it is made up of 90 percent laterate soil and just 10 percent cement. It is the 100 percent cement used for brick built homes that explains the huge costs. One bag of cement costs 205 Dalais and you would need 200-300 bags for a standard 2 bedroom home.”

The use of laterate soil in the Hydra form blocks reduces transportation costs as it can usually be found within the vicinity of the building site and then used for the production of the Hydra form blocks.

“The material is much quicker to lay, as Hydra form does not require the water-based layers of conventional bricks, we can just dry stack the blocks one on top of the other,” says Mr Gibi. “Once the attractive foundation is complete it requires no plastering or painting, thus minimising labor costs and reducing maintenance costs in the long term.”

The Hydra form, said to be ideal for high quality housing and commercial buildings, has also been well used in earthquake regions such as Nigeria to build strong, cost effective alternatives. The blocks are made easily on the building site and its simplistic building techniques could potentially create many job opportunities for unskilled workers everywhere.

Other advantages of the technology include its superior thermal properties, which allow the blocks to absorb and hold heat better than brick houses. Use of local materials will also reduce the pollution effects of importation and transportation meaning Hydra form could provide the cheap alternative desperately required by many in their search for an affordable family home.

Its fast construction, like the Hydra form technology, results in competitive low costs and can boast superior energy performance with low maintenance costs.

Mr Njie sayes seeing is believing. You can visit their 3 bedroom viewing model located at the premises of The West African International School on the Bertil Highway behind the Independence Stadium. Even better they are currently working with First International Bank on a pilot finance scheme to help you own your own Home-Squared House.

Please contact Mr Gibi 220-9393995
Mr John 220-7796886

Workers on Wheels(WOW)

Sahel Invest in association with First International Bank & Elton have introduced a new scheme to provide motor bike transportation for workers of NAWEC.

We are proud to be part of this programme to provide zero down payments to provide safe, economical and reliable private transportation for NAWEC employees.

Luna Super
Powerful 70cc engine

EZ Kick Start

Tested Engine Design

Great Mileage

EZ Low Maintenance

We also co-op Teachers on Wheels(TOW) & Soldiers on Wheels(SOW)

We have now introduced another great scheme for traders, business people and technicians.

Introducing the Piaggio APE cargo van/pickup. You can now own your own Italian designed 3-wheeler Piaggio pickup with a 1 ton payload, great fuel efficiency and EZ maintenance.

Find out more about this great offer by calling 7792732

Africa- the final investment frontier

Emerging market economies such as China, India and Latin America have rocketed in recent years. Thousands of UK investors have cashed in by buying into funds that buy shares in those countries. For instance, the Jupiter China fund has doubled investors' money in the past year while the Invesco Perpetual Latin American fund has returned 44% in the past year, according to fund analyst Trustnet.

Now, after decades of languishing economic growth, some experts predict Africa may be the next region to pay dividends to investors. A measure of the interest is the fact New Star, one of the City's more innovative fund managers, is to launch the Heart of Africa fund this week. The New Star fund is one of only a handful of Africa portfolios available and will invest in the sub-Sahara region excluding South Africa.

Africa's history of economic woes and the political instability has meant it has previously been labelled the 'hopeless continent'. Despite harbouring some 30% of the world's gold and almost half of its diamonds and platinum it has consistently failed to cash in on its enormous wealth of natural resources.

But the fund manager Jamie Allsopp, who also runs the new star hidden value New Star Hidden value fund, which itself has investments in Africa believes a 'wind of change' is sweeping through the region, which is presenting investment opportunities in what is still a very undeveloped market.However potential investors should be cautious, as in New Star's own words, 'this fund is high risk and therefore only suitable for investors who are able to bear the loss of all or part of their capital investment'.

So what's changing? Peace in the Democratic Republic of Congo, northern Uganda and southern Sudan is creating big trade opportunities. The establishment of the East African Customs Union (EAC) has led to a rapid increase in trade between Uganda and Kenya, with goods worth £211m exported to Kenya last year, compared with £174m in 2004. Both Rwanda and Burundi joined the union this year and as a result the EAC will have a combined economy of more than £21bn with a total population of about 120m.

New Star says recent changes in the region have presented high-risk investors with an opportunity. The group points to the dependence of rapidly growing Asian economies and decreasing political risk - the number of democracies has risen from 10 in 1980 to 33 today while the debt burden has fallen from more than 100% to around 20% of gross domestic product since 2005.

Fast Facts: In 2007, 23 African economies were growing individually at 5% or more; in total 18 non-oil producing African countries have averaged growth of 5.5% between 1995 and 2005.

African ingenuity and entrepreneurship attracted a new wave of foreign investment of approximately $30.5 billion in 2007, up from $22 billion in 2006 and just $4 billion in 1995.

Inflation in sub-Saharan Africa decreased from 18% in 2000 to approximately 8% in 2008.Senegal, Burkina Faso, and Botswana were among the top ten business climate reformers in the world in 2007-2008.

Cell phone subscriptions in sub-Saharan Africa grew by more than 60% annually between 1994 and 2005.

The appetite for its raw materials, from the soaring economies of emerging markets such as India and China, is fuelling a boom in prices. This boom has stimulated widespread developments in transport, infrastructure and telecommunications.

Allsopp says: 'The investment landscape has changed significantly in Africa. Strong economic growth, high levels of foreign direct investment, increasing political stability and the resultant improvement in corporate governance have created a compelling investment backdrop and it is no surprise that some of the best performing markets in the world are situated in sub-Saharan Africa.'

Gambia Century 21 Real Estate Agency

Our clients are our No 1 priority and we provide you with a One Stop service.

Less Stress One-Stop means the transaction is less expensive and more manageable, gives you greater convenience, prevents issues from falling through the cracks, and with legal and technical providers working together ensures a smooth completion of the transaction.

Peace of Mind Do not worry about the condition of your new home, simply let our valuation experts carry out a survey to make sure your investment is secure.

Buy to Build We can find suitable land within your budget, get planning permission and draw up blueprints. We make it easy for you.

Century 21 Real Estate Agency provide:

Rental Agreements

Property Management

Leaseing Residential/Commercial

Surveys

Valuations

Sales/Purchases

Real Estate Development

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Islamic banks join in the race for Africa

CHINA is not the only financial powerhouse with its hungry eye on Africa. Flush with oil wealth, the Gulf states, too, are spying profitable opportunities among the hundreds of millions of Muslims who live just a hop across the Red Sea. Africa’s economies are growing fast, thanks in large part to the commodities boom.

Although many people on the continent do not have a bank account, the banking systems in some countries are growing increasingly sophisticated. Bankers from the Gulf hope that the middle class, particularly in the Muslim north, will turn to Islamic finance, and that firms will raise money through Islamic bonds, known as sukuk. Moody’s, a credit-rating agency, reckons that although Islamic finance was worth a puny $18 billion at the end of last year, its potential is close to $235 billion—about half what it estimates as the GDP of Africa’s Muslim population.

So far, forays from the Gulf into Africa have been limited to a few countries. Sudan—where only sharia-compliant finance is allowed in the north—dominates, holding over half of Africa’s Islamic-banking assets. A number of Gulf banks, familiar with the country’s language and oil resources, have joined forces with Sudanese investors to open Islamic banks. Last year the first sukuk from Africa was issued by a Sudanese cement firm. Reportedly, the government also tapped the market in January—selling bonds to Gulf investors to sidestep American economic sanctions over the massacres in Darfur.

But Sudan’s banking industry remains embryonic and few African countries combine the strong desire to promote Islamic banking with heavy demand from Muslim customers. “Islamic banking is a luxury product,” admits Anouar Hassoune of Moody’s: it tends to do better in places with established banking systems, such as South Africa and Kenya. South Africa’s only Islamic bank, Albaraka, was set up in 1989. Last year the Kenyan authorities licensed two Islamic banks, Gulf African Bank and First Community Bank, both backed by Gulf investment.

Western banks are also dipping their toes in. In Kenya Barclays was the first to offer an Islamic bank account appropriately named La Riba, meaning “no interest”. South Africa’s ABSA opened an Islamic banking division in 2006. It offers phone, internet and branch banking. Its head, Ahmed Moola, says the division was profitable last year, though he declines to discuss numbers.
Some of the keenest African custom for Islamic products is in countries where Muslims are a small minority; it provides a way of affirming their cultural heritage. Hamza Farooqi, who heads South Africa’s CII Holdings, a diversified business group, has gradually been moving his own and his company’s finances from conventional banks to ABSA’s Islamic division. It has asked ABSA to help finance the first “dry” five-star hotel in Cape Town.

Islamic finance in Africa is a niche market, and probably will remain so. Islamic scholars are few and far between; few countries’ laws are suitable for Islamic banking; the margins tend to be thinner than in the conventional Western model. Some countries, such as Nigeria, with almost 70m Muslims and a booming banking sector, should be fertile ground. The authorities’ hands are full, however, sorting out its existing banks.

One of the most promising areas of growth may be in project finance and bonds. The continent’s vast need for infrastructure is matched only by the shortage of investment funds: Gulf investors could help bridge the gap. Project finance is well suited for Islamic financial instruments, which need to be backed by physical assets. Gulf Finance House, an Islamic investment bank based in Bahrain, signed a $1.4 billion deal in Morocco to fund two tourism projects in 2006. Senegal is said to be contemplating issuing a sovereign sukuk. It could be a 21st-century version of “the scramble for Africa”. But this time the Gulf is moving in alongside China.

Sa Hel Invest Mutual Fund (SIMF)

The Sa Hel Invest Mutual Fund (SIMF) is one of the few mutual funds in The Gambia, the fund is open to both individual and institutional investors.

SIMF is an opportunity for investors to participate in viable, low-risk investment opportunities in The Gambia. SIMF is one of the few avenues for participating in the local equity market.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Buy into Africa

Africa is booming. From Mauritius to Botswana, Ghana to Uganda, African economies are growing at a rate of 5-6% a year. Hedge funds, retail fund managers and private equity investors are swarming all over the continent, with the biggest potential seen in an area called SSA, or sub-Saharan Africa.

Naive investors would probably attribute this new-found fortune and enthusiasm to just one spectacularly successful industry – the resources business. And it's certainly true that SSA has more than its fair share of oil – both Angola and Nigeria are now huge producers of oil for western markets. Other important African export commodities include iron ore, timber, manganese, cobalt, copper and chromium.

But the resources sector is only half the story. Successful investors such as Jamie Allsop – a classic value investor – are scouring the continent using old-fashioned value ideas, looking for solid trading companies benefiting from the much bigger economic transformation under way.

Greater prosperity has created a growing middle class – the World Bank estimates that the sub-Saharan middle class will be 43m strong by 2030, up from 12.8m in 2000, with most in South Africa but other countries such as Zambia, Nigeria, Kenya and Ghana featuring prominently. That means billions will be spent on consumer goods, telecoms, and infrastructure projects. And there are already many well run, solidly profitable companies in all these markets – they form the core of a vibrant and growing equity culture taking root in Africa.

Two decades ago, there were just five stock exchanges in SSA. Today, there are 18 with 1,500 separate listings. It has been reported in Fortune magazine that, excluding South African shares, African stocks have climbed an annualised 43 per cent since the end of 2006. In particular, since 2001 the Mauritian, Botswanan, South African and Namibian stock exchanges have outperformed the Dow Jones index by 483 per cent, 375 per cent, 202 per cent and 188 per cent respectively.

London-based research and broking firm Exotix, which specialises in frontier markets, also boasts its own large-cap index of SSA companies – its top 30 increased their market capitalisation by 126 per cent or $40bn in the period between 2006 and 2008, outperforming South Africa and the MSCI indexes for Eastern Europe and the Far East. It also noted that volatility was lower.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Project Finance

Project finance already existed during the ancient days of Greece and Rome. The construction of the Panama Canal had the first records of using project financing in the area of infrastructure. It was with the development of the North Sea oil fields in the 70s and 80s where project finance was used in a high-risk infrastructure project.

In developing countries, project financing attained its maximum height around the time of Asian financial crisis. There is a continuing upward trend on the demand for project financing throughout the world. This is because there is also a growing number of countries that need more supplies of public utilities and infrastructure.

Project finance involves the financing of long-standing infrastructure and industrial projects backed by a well-established project plan and supported by debt and equity of usually two parties. Project finance is usually resorted to by companies who don’t have enough liquidity to generate internal capital for the project. The terms and conditions of the financing are made clear to both parties.

The continuing emergence of the need for public utilities will surely put project finance in the forefront of providing assistance not only in infrastructure but also in other fields.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Senegambia Maritime Company (SMC)

SIMI is a well-established and diversified company that provides a variety of services through its various Corporate Divisions:

SMC, a subsidiary of SIMI, was incorporated on February 2, 2001, as a successor to Sahel River Transport Agency (SARTA), to gradually revitalise public confidence in sea and river passenger transport services, by improving standards of service and comfort to induce the travelling public to return to that mode of travelling and movement of goods.

River transportation is critical to the sustainable development of the Gambia’s economy, hence, increased utilisation of the river should considerably enhance the movement of passengers and cargo, thus providing market access for agricultural produce and contribute to poverty alleviation.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Gambia Real Estate

Real estate is one of the many legal terms the covers land and everything that is in it, such as buildings and other improvements that may have been built in it. Used in another sense, it refers to property that is fixed or one that does not change position. Most of the time, real estate and real property are considered to mean the same. Common law would usually use these terms synonymously. However, civil law would call use immovable property to refer to it.

The term “realty” is also used sparingly to mean real estate. Today, it is a viable business area, whether in buying or selling. More and more people take interest in its different distinct fields of real estate and are doing well.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Sa Hel Quality Management Institute (SQMI)

SIMI is a well-established and diversified company that provides a variety of services through its various Corporate Divisions:

SQMI is a leading quality training and development institute in The Gambia.

We provide cutting edge training for quality management which is utilised by both the public and private sectors.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Moukhtara Holding Co. Ltd. (MHC)

http://www.moukhtara.gm/

SIMI work with a variety of clients and have a proven track record of satisfying customers in the private and public sector, as well as international development partners and financial institutions.

Moukhtara Holding Co. Ltd. (MHC) is a leading Gambian based organisation. The company was established in 1986 and currently has over 600 employees within 15 divisions.

MHC's constant and stable growth is due to the company's strategic involvement in local resource based products and diversification. Quality, reliability, and sound marketing strategies have led MHC to its current high profile. MHC is involved in the following sectors:
Construction
Cosmetics
Food
Forestry
Packaging
Printing & Stationery
Services
Transport

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

African Project Development Facility

The Africa Project Development Facility (APDF) is a donor-funded facility established in 1986 by the International Finance Corporation (IFC) of the World Bank to assist small and medium-sized enterprises (SMEs) in Africa.

SIMI is the local antenna office for APDF, and has teamed-up with them to provide project financing and capacity building to Gambian companies and public agencies.

APDF's advisory work is organized into five business lines:

Finance Providing advisory services to government bodies, its investment clients, and other private and public sector enterprises to create a broader, deeper, and more inclusive financial system for the underserved in emerging economies.

Business Helping client countries improve their investment climate so that firms can grow and create jobs. We advise on the design and implementation of business-friendly reforms at the national and subnational level.

Enviromental & Social Sustainability Developing and testing innovative environmental and social business models in biodiversity, carbon finance, cleaner technologies, corporate social responsibility, sustainable energy and sustainable investing.

Infrastructure Advisory Advising national and municipal government on how to structure private sector participation in basic infrastructure projects.

Corporate Helping large companies include local small and medium enterprises in their supply chain; advising companies, countries and sectors on their corporate governance.

http://www.ifc.org/

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/

Sa Hel Investment and Management Consulting (SIMC)

SIMI is a well-established and diversified company that provides a variety of services through its various Corporate Divisions:

As SIMI’s consulting arm, SIMC provides investment and management consultancy services to the private sector, public agencies and enterprises, as well as international development agencies.

SIMC consultancy services are in areas as diverse as market and commodity research, export market surveys, and private sector development strategies. In project development and management, SIMC conducts feasibility studies, prepares operational manuals (including procurement manuals), and conducts evaluations and impact assessment studies.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/