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Trade Ministry commits to secure finance facilities for Gambian businesses

Jan 15, 2024, 11:06 AM | Article By: Pa Modou Cham

Hon. Baboucarr O. Joof, the minister for Trade, Industry, Regional Integration and Employment (MOTIE) in collaboration with the Ministry of Finance, has been working with international finance institutions to secure trade finance facilities for Gambian businesses.

Speaking at the first annual press conference for his ministry held on Friday, Ministry Joof said the move is to be able to import essential commodities into the markets. He added that the discussions are well advanced in the case of the Badea facility of US$50 million.

Dwelling on support to local producers, Joof noted that his Ministry is implementing a moratorium on the importation of onions and potatoes to support domestic producers to boost production and supply the markets. He went on to say that the ‘Jokalanteh’ project provides an avenue to connect local producers to the markets and ensure that women horticulture producers are empowered to boost their produce and their livelihoods.

Support to Women's Business, the Minister said: “My Ministry in partnership with ITC launched the SheTrades Hub Programme in November 2021, which now made The Gambia part of the Global SheTrades Hub community to continue to support women's participation in trade. The government is working with over 90 women-owned businesses under SheTrades initiatives funded by EIF and implemented in collaboration with ITC.”

Under the SheTrades initiative, he reiterated that they were able to build the capacities of women businesses through the provision of equipment and training to improve the quality and packaging of their products; and for them to effectively manage their businesses.

“An additional cohort consisting of 15 fashion companies and 25 food processors were recently selected as SheTrades companies, making a total of 130 women businesses that are now working with the Ministry. The goal was to strengthen women’s effective participation in trade by improving their competitiveness and market linkages,” he stated.

He added that the catalytic project successfully linked over 138 women-owned businesses to buyers abroad and transnational value chains and supported their participation in national and international trade fairs.

Minister Joof further indicated that the SheTrades Hub conducted an assessment to identify public procurement opportunities for women-owned businesses as public procurement would be an important instrument to support the development of women's businesses as the government remains the major consumer in any economy.

“The HUB also provided equipment support to women businesses worth US$50,000 with the support of EIF. The HUB awarded 35 women businesses in the fashion and horticulture sectors with equipment valued at over D3 million. In addition, with the support of ITC, nine HUB members in fashion and agric business were granted machines and equipment worth over D90,000.” 

“Support is also being provided to the Ministry of Fisheries and Natural Resources in the form of 15 insulated ice boxes to reduce post-harvest losses of women fish mongers.”