The arbitration at the World Bank's International Center for Settlement of Investment Disputes (ICSID) resulted in an award worth $22 million plus interest and arbitration costs.
According to African Intelligence newsletter, the ICSID has decided to grant the Government of The Gambia a one year reprieve. Government, represented by the law firm of Mayer Brown, sought to have the judgement annulled via arbitration and has stalled on its payment to Carnegie in the hope that the court will rule in its favor.
The ICSID's three arbitrators, Canadian lawyer Donald M. McCrea, Nigerian Dorothy Udeme Ufot and Spanish national Bernado Cremades, agreed to stay enforcement of the award against the Gambia for a period of one year on the strength of the argument that for the government to pay the $23 million award could further jeopardize the country's fragile economy.
