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Gambia: SoS Finance Claims AMRC Recovered D280 Million
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FOROYAA Newspaper (Serrekunda)
7 April 2008
Posted to the web 7 April 2008
Isatou Bittaye
The Assets Management and Recovery Corporation (AMRC) has recovered D280 million since inception, some years ago.
This was revealed by the Secretary of State for Finance and Economic Affairs, Musa Bala Gaye, on Thursday, at the National Assembly following a question asked by the member for Wuli West, Sidia Jatta. In his question, Sidia asked the total sum in dalasi of cash and assets recovered by the AMRC since its inception and how much of the resources have been utilised over the years and in what domains.
In response to the question, the SoS for Finance and Economic Affairs said AMRC recovered D280 million in cash and kind. He said The Gambia Commercial and Development Bank (GCDB) recovered D210 million in the portfolios of commercial loans, development loans and management fund. SoS Gaye added that of this amount, D108 million, represents direct cash transfers to Government, D40 million as write-offs and D57 million represents assets transferred to Government as accommodation or office space. He said AMRC provided the government with direct cash transfers and loans which is a loan of D3.8 million to the Denton Bridge and Kaur facilities for the revitalisation of the groundnut sub sector in 2000/2001 marketing season, and this sum was later treated as transfer to government, and a loan of D2.6 million was paid to the Indigenous Business Advisory Services (IBAS) and to other depositors with the defunct Gambia Commercial and Development Bank. SoS Gaye added that a D5.8 million dalasi loan was also invested in GAMCO as shares, a D5.1 million was paid for the settlement of balances with International Development Association Strategy for Poverty Alleviation Project, and the Energy Reform and Infrastructure Project; that AMRC also provided D5 million loan to the Government for oil importation in March. 2002.
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