#National News

RRVCDP stakeholders trained on Islamic microfinance

Mar 8, 2022, 2:24 PM | Article By: Pa Modou Cham

The Regional Rice Value Chain Development Project (RRVCDP) on Saturday concluded a three-day training for members of Social Development Fund (SDF), PIU and partner microfinance institutions on Islamic microfinance at Baobab hotel.

Fafading S. Fatajo, project director for RRVCDP explained that the project is about $29.8 million and will last for five years.  He added that it is funded by the Government of The Gambia, Islamic Development Bank (IDB) and BADEA.

The main objective of the project is to contribute to reducing the high importation of rice into the country. The project will intervene in Central River Region (CRR) North and South and Upper River Region (URR) North targeting 18 communities.

In order to attain the objective, he emphasised that one of the initiatives is to finance farmers in compliance with Syria microfinance. Mr. Fatajo continued that the project has four components and one of it is to raise production and productivity, agriculture and market development, policy and institutional support.

Sonko Fofana, director general for SDF said the project aims to improve farmers’ income by increasing their production capacity in order to realise their full agricultural potential.

“The project will introduce Syria compliance line of financing so that farmers can use it to be able to procure agricultural inputs, small farm machinery for all actors in the agriculture value chain.”

“It is hoped that the training will provide participants with the opportunity to acquire relevant knowledge in Islamic finance and for partner financial institutions to subsequently introduce an Islamic finance window within their existing operations or fully transition into Islamic finance.”

Hassan Jallow, permanent secretary at the Ministry of Agriculture urged participants to share important experiences to enhance the proper implementation of the window.

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