A Memorandum of Understanding (MoU) on Programme of Cooperation with Emerging Markets (PSOM) was last week Monday, signed between the Kingdom of Netherlands and the government of The Gambia, according to reports from the Department of State for Trade, Industry and Employment (DoSTI&E).

DoSTI&E revealed that the two-year long programme - with a possibility for extension - took effect this month and it has an annual total budget of 50 million Euros, involving two joint investments yearly in both countries. Under this cooperation, “official development assistance” will be granted by the government of Netherlands to support joint Netherlands-Gambia business projects.

This MoU was jointly signed by Yusupha Khan, Permanent Secretary at the DoSTI&E and the Ambassador of the Kingdom of Netherlands in Dakar, Senegal.

The State Department then revealed that the programme seeks to stimulate sustainable economic development in emerging markets, with the aim to generating employment, income and knowledge, as well as boosting the capacities of the local private sectors in the Netherlands’ partner countries. “Furthermore, it aims at supporting private sector development by promoting and supporting economic cooperation between the business sectors of the Republic of The Gambia and the Kingdom of the Netherlands on a basis of mutual benefit with focus on private investments. It will provide support to initiatives of the business communities of the Kingdom of the Netherlands and the Republic of The Gambia,” it added.

According to the department, this programme encourages joint innovative pilot projects in specific sectors by using international and local knowledge, goods and services. DoSTI&E then affirmed that the programme is expected to contribute towards poverty alleviation, adding that priority will be given to business project proposals with clear indicators on creating employment opportunities, skills and knowledge transfer, as well as maintenance of sustained local “supply chain”.