US$5M launch to promote inclusive growth

Wednesday, November 08, 2017

A US$5 million inclusive growth promotion institutional support project (IGPISP) to the government of the Gambia from African Development Bank Group with 51% grant and 39% loan was yesterday, Tuesday 7th November, 2017, launched at Ocean Bay Hotel.

The government on its part will contribute 10% of the project cost mainly to cater operational related expenses.

The main thrust of the project is to promote inclusive growth by enhancing economic governance through strengthening capacities of key public and private institutions engaged in private sector development.

The project is also expected to enhance economic growth, diversification and complement government efforts in private sector development and in turn empower small and medium scale industries in the area of access to public procurement, access to finance and promotion of income generation activities.

The project in the long run, seeks to contribute to poverty reduction through the creation of jobs and empowerment of local entrepreneurs particularly women.

In his launching statement, Lamin Camara, permanent secretary at the Ministry of Finance and Economic Affairs said the rationale behind the project was that in recent years, the adverse impact and effects of the twin shocks arising from the delayed rainfalls and Ebola outbreak in West Africa has led fragile macroeconomic situation for which the Gambia was no exception.

He added that as a country faced with other mounting challenges, the need to employ counter measures become inevitable and essential, thus the government undertook the move to adopt strategies even in the design of projects which gave birth to the IGPISP.

Mr. Camara took time to express appreciation to the bank team for their efforts during the project designing and preparation. He also thanked the bank and assured them that the funds will be used for the purpose they are intended for.

Yannis Arvanitis, principal governance economist at the African Development Bank Group began by highlighting the relevance of the project, adding that it will require work from all sides to ensure it runs smoothly.

He assured government that the bank will always be there to help when it can.

Mr. Arvanitis, the Task manager for the project urged implementers of the project to be committed, while challenging authorities to support them.

Author: Cherno Omar Bobb