For the first time in the country’s history, agricultural value chain actors including farmers, processors, and agribusinesses will enjoy a financing system designed to remove barriers that have for years hindered the sector’s growth.
Moreover, the (ToT) workshop seeks to raise awareness on the activities of GAMIRSAL as well as strengthen the ability of participants to design bankable, climate-smart business plans.
Delivering the keynote address, Alhagie Nyangado, Permanent Secretary at the Ministry of Agriculture, described GAMIRSAL as a flagship initiative, aimed at transforming the sector.
He recalled that farmers and value chain actors had struggled for decades to secure financing to modernise their operations, while financial institutions hesitated to lend due to high risks.
“GAMIRSAL was established to break this cycle by serving as a bridge between value chain actors and financial institutions through a de-risking mechanism. “he said.
That, he said, will make credit more accessible and affordable to farmers and agribusinesses, while boosting the confidence of financial institutions to invest in agriculture.
In expanding access to finance, he believes GAMIRSAL would help strengthen agricultural value chains, while improving food security, and empowering rural communities.
Project consultant, Mohamed Gillen, Chief Executive Officer (CEO) of MOREM Consulting and Advisory Services Ltd, explained that GAMIRSAL operates under two pillars: a credit guarantee scheme and a Technical Assistance Facility (TAF).
“The TAF works with both the supply side (commercial banks, microfinance institutions, and other lenders) and the demand side (farmers and other agricultural actors) to improve financing flows.”
Abdoulie Touray, project coordinator at the Central Project Coordinating Unit (CPCU) under the Ministry of Agriculture, described the project as timely, noting that access to finance has long been a challenge in the sector.
“GAMIRSAL has come to address this gap and pave the way for greater agricultural productivity,” he said.
Also, the training is expected to empower participants with practical tools to overcome financial challenges, increase profitability, and improve their chances of securing credit under the GAMIRSAL risk-sharing facility.
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