Tuesday, May 17, 2022

GIEPA Says: Over D27 million Income Received on Operation

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By: Kebba AF Touray

The Gambia Investment and Export Promotion Agency (GIEPA), said that it had received a total income amounting to GMD27.7 Million dalasi, for the operation of its activities in 2017.

The Agency stated this during appearance before the Public Enterprise Committee (PEC), for the laying of its activity reports and financial statements.

GIEPA stated that this total income represents 74 percent funding from the Gambia Government and 22 percent from projects.

“The GMD 17.8 in 2016 represents subvention from the Gambia Government.  GCAV Project under the Ministry of Agriculture at Central Project Coordination Unit (CPCU) provided GMD 811,975 in support of the implementation of international agricultural investment forum, held in the Gambia from 9 to 10 May 2017”, GIEPA told PEC.

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According to GIEPA, NEMA Project, also provided D1,358,750, as part of its contribution towards the international agricultural investment forum, organized by GIEPA, and that the Youth Empowerment Project dubbed YEP, also provided 14 percent of the income generated by the agency, during the year under review, in the tune of D383,565.75 ( mainly for capacity building).

“During the period under review, the total projected investment and employment by the project wholly owned by domestic investors is US$ 3.1 million and 124 jobs respectively. The total projected investment and employment by the project wholly owned by foreign investors is US$86 Million and 310 jobs respectively”, GIEPA informed PEC.

The agency also said that the projected investment and employment for the nine (9) projects jointly owned by domestic and foreign investors is US$0.1 Million and 35 jobs respectively.

However, GIEPA said in 2016, the wholly domestic owned investment projects had proposed investment and employment of US$3.5 Million and 305 jobs respectively, whilst the wholly foreign owned investment projects had proposed investment of US$27 Million and 337 jobs respectively.

Meanwhile the Public Enterprise Committee, has Tuesday 18th January 2022, completed the consideration of the reports presented before it by the GIEPA.

The committee will finalize its report and prepare a consolidated report, which will be tabled before the plenary for final parliamentary scrutiny, consideration and adoption.

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