The assistance of the Investment Support Programme for Least Developed Countries (ISP/LDCs) has led to a successful outcome in the investor-state arbitration involving The Gambia and a foreign investor concerning two offshore petroleum licenses.
It was announced on 19 September 2020 that the case had reached a settlement. The Government was able to present a robust defense, thanks in part to an assessment of monetary damages provided by the quantum expert appointed with support from IDLO under the ISP/LDCs, in partnership with law firm Omnia Strategy LLP.
“IDLO’s support has contributed significantly to the recent settlement of the arbitration on terms favourable to the Government and the people of The Gambia (…) allowing us to uphold the rule of law and our commitment to justice,” said the Solicitor General of The Gambia, Cherno Marenah.
As a result of the settlement, The Gambia is no longer exposed to the risk of millions of dollars in damage claims.
“This successful conclusion of IDLO’s support to The Gambia bears testimony to the importance of the ISP/LDCs as a vehicle to securing the legal and technical assistance so crucially needed by LDCs to attract and retain foreign direct investment and promote economic development,” said IDLO’s Director-General Jan Beagle.
“We are proud to have collaborated with IDLO in a ground-breaking initiative that provided The Gambia with valuable assistance at a decisive time, helping level the playing field. We look forward to seeing the Programme gather momentum so that other LDCs may benefit from it,” said Cherie Blair CBE QC, Chair of Omnia Strategy LLP.
IDLO's work in The Gambia continues through capacity development programs with the Ministry of Justice and the Ministry of Trade, Industry, Regional Integration and Employment on investment-related matters.
Photo credit: © virginievanos/Adobe Stock
IDLO had previously reported on its support to the Government of The Gambia in May 2020. Read more:
