The Vice President, Dr Aja Isatou Njie-Saidy, yesterday presided over the inauguration of the Sahelo-Saherienne Bank for Investment and Commerce (BSIC) Gambia Limited. Deputising for the President of the republic, she revealed that the heads of state and government of the Sahel in February 1999 signed the treaty establishing the SEN-SAD community. Within the framework of this treaty, she added, it was agreed that a Sahelo-Saherienne Bank be established to provide a comprehensive range of financial and banking services. She revealed that the Gambia government would continue to show firm commitment by subscribing 5% equity, equivalent to 12 million euros.

She acknowledged the initiative of the Libyan leader, Muammar Ghadaffi, for authorising a Libyan government loan to pay in advance of the share subscription for all the members of the bank. Making reference to what she called the vibrancy of the Gambian economy and the fact that it has been enjoying high rates of growth, she expressed government’s commitment to assisting the banking sector to grow and expand.

She urged banks to get involved in long-term lending for the development of small and medium sized enterprises. BSIC is the first investment bank to set up in The Gambia, said Momodou Bamba Saho, Governor of the Central Bank of The Gambia. This, he said, would further increase the diversity of players and add vibrancy to the Gambian banking sector. He expressed the belief that BSIC will play an important role in the regional integration process and help establish relationships between businesses and institutions in The Gambia and other CEN-SAD member countries.

Speaking earlier, Alhadi Mohamed Alwarfalli, Chairman and General Manager of BSIC Group, said that among the objectives of the group is to contribute to the socio-economic development of CEN-SAD, to promote investment in trade and support countries among others.

He revealed that just last week, by joint agreement with the Islamic Development Bank Jeddah, they concluded a joint financial operation for the procurement of petroleum and gas products worth 10 million US dollars for The Gambia.

He further revealed that their plans for 2008 are to have five branches in Banjul and the Greater Banjul Area, thus bringing their products and services to the doorstep of every Gambian.

The occasion was attended by several Secretaries of State, former President Sir Dawda Kairaba Jawara and the Libyan Ambassador to The Gambia, Dr. Ali Muhammed Dukaly, among a host of other diplomats and dignitaries. Those present also witnessed the laying of the foundation stone for the headquarters of the BSIC group.

The bank is located opposite the Fajara War Cemetery.