Photo: CEN-SAD headquarters offices in Tripoli, Libya

The Gambia's first ever Investment Bank, BSIC Gambia limited, on Monday, was officially inaugurated at the Gambian capital Banjul.

The Banque Sahelo-Saharienne pour L'invetissement et le Commerce (BSIC) Gambie Limited, otherwise called Sahel-Sahara Bank for Investment and Commerce (BSIC Gambia Limited) represents an important financial institution aimed to generate economic development in Gambia.

The bank whose headquarter is in Tripoli, Libya was established by the CEN-SAD community of a large number of African states.

The General Manager and Chairman of BSIC Group, Al-Hadi Al-Warfalli, Libyan national, said at the inauguration ceremony that the objectives of the BSIC Group were to contribute to the socioeconomic developments of CEN-SAD community member states and to support the community through the funding of growth sectors.

Al-Warfalli said the aim of the BSIC Group was to establish five more branches in Banjul and the Greater Banjul Catchments during the year 2008.

In her inaugural statement, the Gambia 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 CEN-SAD community signed a treaty to establish this African group of states and to establish a bank.

The Bank she added was 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 Gambia is BSIC Group's first Anglophone affiliate in West Africa with another to be opened in Ghana after a month.

Madam Njie Saidy also urged the bank to devise ways and means of financing public and private sector development projects on concessionary terms.

She expressed hope that the Bank would not rely on equity contributions and deposits to finance its activities, but should be able to raise funds in the capital market.

She stressed that the bank would 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.

The Governor of Gambia's 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.

The BSIC Group is currently 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. (FOROYAA Newspaper)