By Lamin Cham
The Centra Bank of The Gambia has announced an initiative to mobilise private investment to build a by-pass toll road from Sting Corner to Mandinaba that will drastically reduce congestion on the Westfield-Tabokoto road.
According to the CBG, the by-pass road would be a toll highway that will relieve drivers of the persistent traffic jam, inconvenient and stressful experience of being locked in congested traffic for hours.
The road can be financed by the National Direct Investment and complemented by Foreign Direct Investment.
The NDI is an initiative that will create a platform through which national savings of both residents and diaspora Gambians are channeled into strategic development projects of national interest and can generate revenue.
Dividends to participating investors
The bypass toll road will have a self-financing capacity operated through user charges and a strong incentive for participants from a financial view point.
Management of the project
The project will be managed in such a way that representatives of the investors would be part of the board of a Special Purpose Vehicle SPV that would be responsible to provide strategic direction and oversight and take all governance and decision making.
This SPV will be a separate independent legal entity that will own and operate the project.
Transparency
An Escrow account will be created with account details visible to all investors for the project.
The CBG said by investing in a project like this, participants are assured of a return on their investment and more importantly, improve the lives of thousands of ordinary people in a win- win situation.
Interested investors can contact the Central Bank on 00220-4224800, or 4228118 or info [email protected]
Visit www.cgb.gm
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