Success Stories
The Gambia has attracted significant foreign direct investment (FDI) across various sectors, leading to numerous success stories that highlight the country's potential as an investment destination. Here are ten notable examples:
- EMPAS Poultry Processing Company: Established in response to a national initiative promoting self-sufficiency, EMPAS has significantly contributed to the local economy by creating jobs and reducing dependence on imported poultry products.
- Radville Farms: Specialising in horticultural production, Radville Farms has become a leading exporter of fresh produce from The Gambia, opening international markets for Gambian produce and providing employment opportunities.
- Albayrak Group: In 2024, the Gambia Ports Authority (GPA) signed a concession agreement with Albayrak Group. This partnership involves the modernization of the existing Banjul Port and the development of a new deep-sea port in Sanyang. The project is structured in phases, with an initial investment of €20.5 million for the Banjul Port upgrade. The Sanyang Port development is projected to reach up to $1 billion, aiming to handle various operations, including container terminals
- Wave Mobile Money: This fintech company introduced mobile money services in The Gambia, enhancing financial inclusion and facilitating easier access to financial services for the unbanked population.
- SunPower Gambia: Engineer Mariama Sowe's initiative focuses on installing solar mini-grids in off-grid villages, aiming to provide electricity to underserved communities and impacting thousands of lives.
- Jambur Solar Power Station: Inaugurated in March 2024, this 23 MW solar power plant was developed with funding from the European Union, the European Investment Bank, and the World Bank, significantly enhancing the country's renewable energy capacity.
- Soma Solar Power Station Construction began in 2023 on the Soma Solar Power Station, a 150 MW solar power plant in Soma, Lower River Division. This project, developed by the Soma Solar Consortium with support from the World Bank and the European Investment Bank.
- Mirale Services Cargo, from Senegal, opened a new office in Banjul, Gambia. The new office is located at the Yundum International Airport Cargo Complex.
- Banjul Port Expansion: With a $92 million line of credit from India, the Banjul port increased its berth space, added a container terminal, and acquired cargo handling equipment, boosting trade capacity.
- Negmar Group's Ferry Service; The Turkish company Negmar announced plans to develop a 24-hour ferry service along the Gambia River, facilitating the movement of goods and people within the country
- Shapoorji Pallonji Mideast: An Indian firm awarded a contract to construct the University of The Gambia's Faraba campus, enhancing the country's educational infrastructure.
- Telecommunications Investments: Foreign investments in The Gambia's telecommunications sector have led to rapid expansion, with growing demand for improved services and infrastructure, contributing to the country's digital transformation.
- Agricultural Ventures by Dutch Investors: Foreign investors from the Netherlands have established large-scale agricultural enterprises, contributing to the country's food security and providing employment opportunities.
- World Bank's Tourism Diversification Project: In June 2022, the World Bank approved a $68 million grant to support the diversification and climate resilience of The Gambia's tourism sector, including the development of new hotels and tourism facilities
These examples demonstrate the diverse opportunities available in The Gambia and underscore the country's commitment to creating a conducive environment for foreign investors.
Sources:
https://generisonline.com/foreign-investment-in-the-gambia-legal-guidelines-and-opportunities/
