Fatou Krubally
AGIB Bank had no direct financial dealings with the Kanifing Municipal Council (KMC) in the controversial Mbalit Project, Managing Director Isatou Jawara told the Local Government Commission of Inquiry on Wednesday.
Testifying under oath, Jawara insisted that AGIB’s role was strictly a financing partnership with Espace Motors, denying any link to KMC’s involvement in the project.
“We don’t have anything with the KMC,” Jawara asserted, claiming that AGIB was not a direct financier of the municipal council. She explained that Espace Motors approached AGIB with a business proposal, and after evaluating its financial viability, the bank agreed to fund the purchase of 19 Mbalit trucks under a profit-sharing model.
According to her, AGIB did not issue a credit facility to Espace Motors but structured the deal as an investment, expecting returns through its partnership.
“Our engagement was purely commercial. AGIB assessed the project based on its financial merits before proceeding,” she stated.
However, Lead Counsel Patrick Gomez challenged her claim, stating, “The project was not viable,” raising concerns about AGIB’s risk assessment process.
The Commission requested that Jawara provide all relevant documents, including assessment reports, to clarify the bank’s position.
Despite Gomez’s skepticism, Jawara stood by AGIB’s decision, insisting, “From our perspective, the project was viable, and that is why we proceeded.”
With scrutiny mounting, Jawara is set to reappear before the Commission on Thursday, February 13, 2025, at 10 a.m. to submit the requested documents. As the inquiry delves deeper into local government financial dealings, AGIB’s involvement in the Mbalit Project remains a key focus.
