By Abdou Mbye
Gambia H.E Mohammed BS Jallow was at the Sir Dawda Kairaba Jawara International Conference Centre in Bijilo, on Saturday, January 11th to represent His Excellency President Adama Barrow at the 8th Stake in the Nation Forum (SNF) – a diaspora engagement forum. The theme of this year’s SNF is, ‘Diaspora, Jobs and the Financing for Development’.
In his opening remarks, VP said The Gambia is a ‘small country with big migration’. On behalf of the President, he expressed thanks and gratitude to the Gambian diaspora. “Irrespective of the challenges you face, the queries you have, and the frustrations you feel from time to time, your commitment and support to our beloved Gambia is marked by constancy, consistency and continuity. “Beyond the huge amounts of remittances and investments, as a country, we are proud and grateful for the productive engagement of the diaspora, in all aspects of socioeconomic development”.
He recognised the significance of diaspora finance to the welfare of families and communities, and the development of the nation. “As such, working with GK Partners and the MSDG Project, the Government of The Gambia took a leadership role in the formulation and implementation of global policies on Migration, Diaspora and Development”.
He informed the gathering that 2025 is the year that the United Nations convenes the Fourth International Conference on Financing for Development (FFD4), to be held in Seville, Spain between 30 June and 3 July 2025. He explained that the outcome document will replace the 2015 Addis Ababa Action Agenda as the global framework on development finance. He therefore noted that it is imperative that the role of diaspora and innovative finance is prominent in the consultations, proceedings, content, recommendations and commitments of FFD4.
The Vice President took the opportunity to highlight some of the innovative initiatives government has undertaken.
“In 2024, the Central Bank of The Gambia launched the National Direct Investment (NDI) innovative finance mechanism. The NDI promotes public and diaspora participation in equity-based financing structures to fund development projects. Consultations with diaspora communities have started already,” he said.
He also mentioned that in 2024, the Minister of Finance launched the implementation phase for the innovative local currency, project-based, government-backed, fintech-enabled Diaspora-Targeted Bonds (DTB). These bonds, he stated, will facilitate diaspora participation in local resource mobilisation, project financing, and mitigation of foreign currency shortages.
He made reference to MSDG’s piloting of a Diaspora Development Fund (DDF), which he reported has now created 576 jobs for the youth and women in rural and urban areas.
“As of the last audited results in June 2024, half a million Euros in cash, equivalent to 37 million Dalasi was awarded as grants to 74 projects,” he reported.
“These projects,” he went on, “were led by diaspora professionals who worked with local partners in rural and urban Gambia. The projects in turn generated four million Euros, equivalent to 295 million Dalasi, through cash and in-kind co-finance from the diaspora, government and other partners.”
VP Jallow explained that out of the jobs created, 78% were in the rural area; 70% of those employed were women and 60% were young people under the age of 36.
He thanked all development partners and called for more support for the fourth phase of the MSDG project in The Gambia.
The multi-stakeholder dialogue brought together ministers, diplomats, diaspora investors, entrepreneurs, technocrats, security heads and other relevant stakeholders.
