The Gambian government has secured the annulment of an international arbitration award that had ordered it to pay about 33.2 million dollars in compensation to foreign investors.
The International Centre for Settlement of Investment Disputes (ICSID) ruled that the original tribunal had failed to properly establish The Gambia’s consent to the arbitration process under national law, leading to the cancellation of the March 2024 award linked to the takeover of a shrimp farm during the previous regime.
The government said the decision saves more than 32 million dollars in public funds and allows the recovery of about 213,000 dollars in arbitration costs, resources it says can now be directed to sectors such as health, education and infrastructure.
Attorney General Dawda A. Jallow welcomed the ruling as a significant legal victory, while the presidency said the government remains committed to protecting national interests, safeguarding public finances and respecting its international obligations.
