African Development Bank, in collaboration with the government of The Gambia yesterday launched on Entrepreneurship Promotion and Micro -Finance Development Project (EP&MFDP) at a ceremony held at the Kairaba Beach Hotel in Senegambia. 

This project seeks to help reduce socio-economic imbalances in the country by increasing social and economic opportunities for the poor and vulnerable groups through diversifying income generating sources, and improving access to financial services. It is geared towards supporting entrepreneurship, small and micro- enterprise development, as well as micro finance.

Delivering his launching remark, Baboucarr Jallow, Permanent-Secretary Department of State for Finance and Economic Affairs (DOSFEA), said the project was designed to build on the successes in poverty reduction and strengthen the Social Development Fund (SDF) on its transformation, and re-focus strategic programmes. Mr. Jallow informed the gathering that the government has shifted emphasis on the provision of social services as an end, considering it as a means to enhancing the productive capabilities of communities against poverty. “By this project, it is hoped that poverty reduction at micro level will be mainstreamed into our national efforts towards economic development, the achievement of the MDGs, as well as the goals of Vision 2020,” he added. He thanked the ADB and its staff for the support.

In her presentation, Sunita Pitamber, lead expert from the Vice President’s Office said the project was designed through extensive consultation and review, both at the country level and within the bank. She said this design was based on the explicit need to increase rural and urban employment, to empower emerging and existing entrepreneurs to benefit from improving market and regional trade conditions and to provide a conducive environment for economic growth.

Ms Sunita noted that the project comprised three components, which are entrepreneurship and market development, micro- finance scheme and project management.
Other presenters at the launching included Alasana Jitteh, Fund Manager of SDF, Madina Assouman, Technical Portfolio Manager at the Micro Finance Unit of the UNCDF, and George Thomas, Chairman of SDF, who chaired the occasion.