The nonprofit Social Development Fund of Gambia recently announced that the microfinance scheme of the Entrepreneur Promotion and Microfinance Development Project (EPMDP), a microfinance scheme established by the African Development Bank and the Government of Gambia, will create a microcredit fund of GMD 40 million (USD 1 million) for funding non-bank financial institutions in Gambia. The Social Development Fund is responsible for executing the policies of the EPMDP.
The funding has two main objectives, which are providing support to the Central Bank of Gambia to create a microfinance regulatory environment and expanding the financial capacity of nonbank financial institutions (NBFIs) and nongovernmental organizations, including providing institutional development training. The funding will only be provided to NBFIs that have a demonstrated history of financing micro-, small and medium-sized enterprises (MSMEs). Preference for funding will be given to those institutions that target women, youth, rural zones, the poor population and MSMEs.
By Jennifer Shevock, Research Associate
About the African Development Bank:
The African Development Bank (AfDB) provides loans and grants to governments and private companies in Africa. AfDB commits approximately USD 3 billion annually to these efforts. Owned and funded by member governments, the bank has a mandate to reduce poverty and promote sustainable development. Currently, AfDB shareholders consist of 77 member countries, which include 53 African regional countries and 24 non-regional countries. The AfDB is controlled by a Board of Executive Directors, which is made up of representatives of its member countries.
Sources and Additional Resources:
“Social Development Fund offers D40 million for microfinance scheme” August 12, 2010. http://microfinanceafrica.net/news/social-development-fund-offers-d40-million-for-microfinance-scheme/
MICROCAPITAL STORY: “African Development Bank (ADB), Government of Gambia, and Social Development Fund (SDF) Embark in Microfinance Project” June 6, 2007. https://www.microcapital.org/microcapital-story-african-development-bank-adb-government-of-gambia-and-social-development-fund-sdf-embark-in-microfinance-project/
MicroCapital Universe: African Development Bank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=African+Development+Bank++%28AfDB%29
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