Sunday, October 25, 2020

Lawmakers to Consider Motion on Gambia’s Diplomatic Status to Africa Export-Import Bank

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By Nelson Manneh

Deputies of the National Assembly have referred the motion on the conferment of diplomatic status to the Gambia in the Africa Export-Import Bank to the relevant committee for consideration.

This came after Momodou Tangara, the Minister of Foreign Affairs tabled the motion before the lawmakers for ratification.

The laws of The Gambia are such that the National Assembly is responsible for the ratification of treaties, convention or any other agreement between the Gambia and other nation-states.

Minister Tangara said the agreement for the establishment of the African Export-Import Bank seeks to extend direct credit to eligible African exporters, in any appropriate form, by means of providing pre-shipment and post-shipment finance; to extend indirect short-term credit and where appropriate, medium-term credit, to African exporters and importers of African goods, through the intermediary of banks and other African financial institutions,to promote and finance the export of non-traditional African goods, services and South-South trade between Africa and other countries.

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Minister Tangara said the National Assembly of The Gambia ratified the agreement for the establishment of the African Export- Import Bank on the 17thSeptember 2002.

The Minister said Article III of the document provides that the Bank shall be an international institution with full judicial personality under the laws of the state parties.

He indicated that Article IV further enjoins State parties to take all necessary measures to accord to the bank in its territory, diplomatic state, immunities and privileges.

“We recognize that the objective of promoting and expanding inter-Africa and Extra Africa trade, thereby stimulating economic development, can best be achieved through the creation of a trade financing international institutions whose principal purpose is to provide and mobilise the requisite financial resources,” he said.

The matter was referred to the relevant committee for consideration.

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