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Gambia News: Sahelian Investment Bank Inaugurated

The Gambia's first ever Investment Bank, BSIC Gambia limited, on Monday, was officially inaugurated at its Head Office on Kairaba Avenue, opposite the Fajara War Cemetery. Banque Sahelo-Saharienne pour L'invetissement et le Commerce- (BSIC) Gambie Limited, otherwise called Sahelo-Saharienne Bank for Investment and Commerce (BSIC Gambia Limited) is said to be operating in nine countries, namely, Benin, Burkina Faso Chad, Libya, Mali, Niger, Senegal, Sudan and Togo. It has a training centre in Mali and its head office is in Tripoli, Libya.

The Gambia is said to be its first Anglophone affiliate in West Africa with another to be opened in Ghana after a month.

In her inaugural statement, the Vice President, Madam Aja Isatou Njie Saidy, described the establishment of the Bank as timely. She recalled that in February 1999 Heads of States and Governments of the Sahel signed a treaty to establish the SEN-SAD community. The Vice President noted that within the framework of this treaty, it was agreed that a Sahelo-Saharienne Bank be established. The Bank she added is to provide a comprehensive range of financial and banking services, including long-term financing for the public and private sectors to accelerate socio-economic development of the people of the SAHEL and reduce poverty.

The Vice President, however, urged the bank to devise ways and means of financing public and private sector development projects on concessionary terms. She also expressed hope that the Bank will not rely on equity contributions and deposits to finance its activities, but should be able to raise funds in the capital market. Madam Njie Saidy noted that they will encourage investments that will serve as a catalyst to meeting the development objectives of the poverty reduction and growth strategy in line with the vision 2020 objectives.

She urged the banking fraternity to join efforts by pooling their resources to optimize their service provision to their clients and the country as a whole. The Vice President also urged them to be involved in long term lending for the development of small and medium size enterprises as well as syndicates for greater ventures. The General Manager and Chairman of BSIC Group, Alhadi Al Warfalli, said the objectives of the BSIC Group, among others are:

(1) To contribute to the socio economic developments of CEN-SAD

(2) To support the community through the funding of growth sectors

He said their intention is to have five branches this year in Banjul and the Greater Banjul Catchments

The Governor of Central Bank, Momodou Bamba Saho, who also spoke at the ceremony urged the shareholders and management of BSIC to always comply with the Financial Institutions Act 2003 and all Regulations and Guidelines issued by the Central Bank and to implement appropriate corporate government and internal control processes to ensure the success of the new venture.