BD govt refuses to allow Nitol-Niloy to invest in Gambia

The Bangladesh government has refused to clear one of its leading car trading companies to invest in Gambia’s banking industry, the Freedom Newspaper has gathered.

Nitol-Niloy Group, according to the Financial Express website, sought to invest $7 million to set up a bank in Gambia, but Bangladesh Finance Minister AMA Muhith said the central bank was asked to seek more information about the company.

Hence, the Nitol-Niloy Group’s request for investment in the Gambia was denied. The proposed bank which was supposed to set up in The Gambia, was named “Gambia Commerce and Agricultural Bank Limited.”

Gambian Agriculture Ministry officials could not be reached for their own side of the story. The Bangladesh papers have reported that Nitol-Niloy Group, was among two other local firms, which expressed interest in investing abroad. In total, three Bangladesh companies failed to obtain government permission to invest overseas.

The Cabinet Economic Affairs Committee in a meeting on Sunday turned down the proposals of Akij Jute Mills Ltd, Ha-Meem Group and Nitol-Niloy Group, the Financial Express reported.

The three local companies separately sought Bangladesh Bank’s permission to invest abroad. Their proposed investment together amounts US $37.44 million.

After the meeting, Cabinet body chief Finance Minister AMA Muhith said the central bank was asked to seek more information about the aspirant firms and further analyse the matter.

The affected companies have filed a petition with the Bangladesh Bank which controls foreign exchange and money transfer-related matters contesting the government’s denial for permit to invest overseas.