By Binta Jaiteh
The Ministry of Finance and Economic Affairs has introduced innovative financial projects in a bid to attract Diaspora Investments.
Mambureh Njie, Minster for Finance and Economic Affairs, revealed this during the Stake in the Nation Forum held at the Sir Dawda Jawara International Conference Centre.
“I will like to take this opportunity to thank you and your project team for the tremendous work you have done over the years to attract Diaspora investments to The Gambia through the championing of the Diaspora bond. Our Ministry continues to partner with the GK partners through the MSDG project on mainstreaming Diaspora finance and introducing innovative financial projects to attract Diaspora Investment,” he said.
“As part of efforts to streamline Diaspora bond in our financing strategies the Debt Management Strategy (2022-2026) that incorporates issuing a Diaspora bond for infrastructure financing. In November 2021 the Capital Market Bill was ratified and legislated into an act that is a significant milestone in promoting innovative financial solutions from debt and equity financing to bridge the infrastructural deficiencies in the Country,” he added.
“Furthermore, in thrive on preparing the market for longer-dated debt instrument like Diaspora Bond. My Ministry has successfully issued D2.3 billion in 3 – year Government Bond and D2Billion in 5year Bond in 2021 which were both successful in attracting a subscription rate of over 200 percent with a single – digit weighted average interest rate,” he explained.
“However as enshrined in the National Development Plan the Government recognizes and values the Gambian Diaspora as an important factor and actor in national development. The Diaspora purchase of bonds issued by their country of origin is likely to be driven by a sense of patriotism and the desire to contribute to the home country’s development,” he said.
However, Badara Joof, Minister for Higher Education Research and Technology representing the president expressed that one month after the presidential elections of 4th December 2021 they give thanks to the Almighty for the continued blessings of peace and stability.
“The Fifth Stake in the Nation Forum focuses on the theme of Consolidating and Accelerating National Development at the first edition of this forum on 13th January 2018. I made that statement barely a year into my presidency since then my government has completed a number of major infrastructure projects in rural and urban Gambia,” he also said.