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Momodou
Denmark
11833 Posts |
 Posted - 10 Jul 2007 : 19:10:37
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"GAMBIA HAS AN UNDER DEVELOPED FINANCIAL SECTOR"
Sos For Trade
By Bubacarr K. Sowe
Abdou Kolley, Secretary of State for Trade, Industry and Employment has said that The Gambia has an under-developed and undiversified financial sector.
Mr. Kolley made this remark on Monday, July 2, at the Kairaba Beach Hotel, while delivering a keynote address at a private sector workshop on technical facilities from the Centre for the Development of Enterprises (CDE) and the European Investment Bank (EIB).
"Enterprise development in The Gambia remains a major challenge, mainly because of lack of access to long-term financing. Recently, the World Bank's Doing Business Indicators identified access to financing as one of the major constraints in The Gambia," the SoS said.
Mr. Kolley said long term development financing for productive investment is vital for economic development, but is largely unavailable in the country, especially for small and medium enterprises.
The Secretary of State said efforts are being geared towards creating a conducive and stable operating environment and the Department of State for Trade, Industry and Employment is finalising a national micro, small and medium size enterprise policy to facilitate their development and enhance their contribution to a sustainable economic growth and development.
The SoS said: "The sector has a huge potential to serve as the engine of growth and to achieve the objectives of Vision 2020. With limited employment opportunities in the public sector, coupled with mixed fortunes in the productive sector such as agriculture, a-growing number of Gambians are turning to the small enterprises for employment."
Source: Foroyaa Newspaper Burning Issue
Issue No.79/2007, 9-10 July, 2007
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