The Gambia Incentive-Based Risk Sharing System for Agricultural Lending Project (GAMIRSALEP) under the Central Project Coordinating Unit (CPCU) of the Ministry of Agriculture, Livestock and Food Security convened a four-day Training of Trainers workshop for the demand side (borrowers) at a local Hotel.
Held to raise awareness about the project’s activities, the training also sought to strengthen the capacity of actors along the agriculture value chain to develop bankable and climate-proofed business plans, as well as to promote financial literacy and credit management.
The GAMIRSALEP project is expected to increase access to lending from Financial Institutions (FIs) to actors in agricultural value chain.
In his opening remarks, Alhagie Nyangado, Permanent Secretary of the Ministry of Agriculture, Livestock and Food Security, emphasised the significance of finance in enhancing agricultural development. He as well acknowledges the challenges in raising finance for investment in agriculture.
Lending to agriculture is risky for financial institutions, he noted, saying the GAMIRSALEP project, initiated by the Government of The Gambia, is facilitated by lending through risk sharing with the African Development Bank.
According to Permanent Secretary Nyangado, the training-of-trainers workshop was designed to equip participants on how GAMIRSAL would guarantee farmers to access finance from financial institutions. He encouraged beneficiaries of the training to transfer knowledge through training to farmers.
Abdoulie Touray, coordinator of the Central Project Coordinating Unit of the Ministry of Agriculture, stated that GAMIRSALEP is conceived to facilitate credit to actors in the agriculture value chain from financial institutions through the provision of guarantee.
GAMIRSALEP Project Director Ali Jawo highlighted that the training equipped over 25 master trainers on demand side (borrowers) with access to finance.
GAMIRSALEP is a 3-year project jointly funded by the Government of The Gambia and the African Development Bank to the tune of 8 million dollars, Mr Jawo disclosed.
