18 Million Dollars for Gambia’s Trade Gateway Project

The executive board of the International Development Association (IDA) of the World Bank, on February 28, 2002, approved the Gambia Trade Gateway Project. According to a letter issued by the permanent secretary, Department of State for Trade, Industry and Employment, the US$ 18 million project was jointly funded by the World Bank, contributing US$16 million and the Gambia Government, contributing US$2 million and the project is expected to be implemented over a period of five years, effective May, 2002.

Mr Yusupha Kah (permanent secretary) also said the project would provide support for the Gambia Investment Promotion and Free Zone Agency (GIPFZA) and Gambia Divestiture Agency (GDA) and would also finance the development of a Free Economic zone at the Banjul International Airport area. Mr Kah further asserted that the principal objective of the Trade Gateway Project was to encourage labour intensive, export and private sector-led-growth by establishing a competitive enabling environment through the establishment of a world class business climate, the creation of local and foreign new enterprises and the attraction of increased foreign direct investments.

He added that enterprises operating in the Free Economic zone would be operated within the Tax-Free and Duty Free environment with attractive financial and structural incentives accorded to them. He said under this project, factory cells would be constructed in the airport area and leased to interested operators. He also said that it was expected that by the end of the project, at least 20 new firms and 3000 direct and indirect jobs would be created. It would be recalled that the project was negotiated between the Gambia Government and the World Bank in October 2001 at the World Bank headquarters in Washington DC.

Culled from The Daily Observer of Today.