Loans given to Gambians by Agib failed because…

Mamour Malick Jagne, consultant, and a former Central Bank governor has told The Standard that quite a number of Gambians who were given loan by the Arab Gambian Islamic Bank failed as a result of bad feasibility study among other issues.

Jagne said: “One of the purpose of the bank was to give loans to the Gambian citizens but quite a numbers of the citizens who took loans from this bank failed because of bad feasibility study and follow-up.”

He went to say that people who acquired loan failed because the market condition that was anticipated changes along the way.

The ex civil servant said the purpose of creating the Arab Gambian Bank was to availed the Gambians the opportunity to managed their money in a way that is consistent with their Islamic believe and also to create new avenues of financial investment or financial instructment for the Gambians so as to develop the country.

He urge the banking industry to be lending money to Gambians so that they will have the necessary resources to invest .

“Gambians who have money should be bold enough and invest in the private sector in the importation of manufacturing goods”.

After 50 years of Farming

Jagne called on Gambians not focus on rainfed agriculture but to also shift to irrigation because “that will change the dynamics of the farming industry completely”.

He said the government should invest and encourage private  investors to help farmers by financing them.

Mr. jagne has worked for the Gambia government for 20 years and also served as permanent secretary at  the ministry of finance.

After serving the Islamic Development Bank Jenda in Saudi Arabia, as an executive director, mr Jagne came back and established the Arab Gambian Islamic Bank.

By Mafugi Ceesay