The Guarantee Fund for Private Investments in West Africa (GARI), an institution that provides support to the private sector in ECOWAS countries, with the aim of facilitating access of private businesses to medium and long term financing facilities through the sharing, with other banks, financial establishments and international financial institutions, of the risk related to these transactions, yesterday gathered stakeholders, heads of financial institutions and NGOs at a one day forum at the Corinthia Atlantic Hotel in Banjul.

The forum, sponsored by the delegation of the European Commission, aimed at providing information in respect of the objectives, resources and intervention modalities and conditions of the GARI fund as well as better explaining the tariff structure of GARI’s services and its real impact on the outlow rate of the loans granted by banks and financial establishments.

Speaking at the occasion, Pierre Yaovi Sedjro, Managing Director of GARI said the forum was held within the marketing plans of GARI and was drafted with the financial support of the European Commission through the PROEINVEST office.

According to him, GARI has to live up to expectations by facilitating access to medium and long term investment of the private sector. He further disclosed that, GARI became operational in 1995 and the main shareholders of the institution are the French Development Agency, the European Investment Bank, the Swedish Fund and the West African Economic Bank. “Alongside the shareholders, we have in business, 23 banks operating in Africa. So GARI is here in Banjul to give support and promote the private sector business. This is due to the fact that there is so much potential in Africa and The Gambia in particular”, he said.

He then commended the various stakeholders, heads of financial institutions and the entire participants for the turn-out and expressed hope that their aim in the Gambia will be achieved.

For his part, Fausto Perini, Programme Officer and head of the European Commission delegation on behalf of the Charge d’Affaires of the European Commission, Madam Helene Cave, said the importance of supporting the private sector is widely recognised nowadays as it is obvious that the development of the private sector is essential to economic growth which in turn creates the resources to combat poverty in a sustainable way.

According to him, the development of the private sector is now being associated with the realisation of the development cooperation objectives, sustainable social and economic progress, the integration of the world economy and the fight against poverty.

“The central role of the private sector is reflected in the priorities of the PRSP II of the Gambia and particularly in Pillar Number two which is, enhancing the capacity and output of productive sectors namely: agriculture, fisheries, industry, tourism and infrastructure” he said.

He then highlighted the main features of the European Commission support in the context of the Cotonou agreement to the development of the private sector in ACP states and in particular in West Africa and The Gambia.