The new grant scheme aims to foster economic opportunities and provide financial stability to women-owned businesses being part of SheTrades Gambia
(Banjul) Gambian female entrepreneurs can thrive – not only survive – at home, even in difficult times of the current state of health emergency.
While the economic and social life is slowing down under the wake of the COVID-19 pandemic, the new SheTrades grants launched virtually on March 24 aim to lift up spirits and provide financial support to aspiring female entrepreneurs. With the grants, SheTrades Gambia aims to bridge the revenue shortages of its entrepreneurs and to avoid that necessary investments for business expansion are put on hold. In times where social distancing is becoming ever more important, the grants should encourage women to spend their time thinking about how to improve and expand their enterprises and to develop new business idea.
To this end, SheTrades Gambia has partnered with the National Association of Cooperative Credit Unions of The Gambia (NACCUG) and released a fund of USD 40,000 to provide financial support to its female entrepreneurs. Selected women with a convincing business plan can apply for individual grants up to GMD 250,000 to be used for the acquisition of equipment, materials, licenses and other business critical inputs and assets.
Overall, the new SheTrades grants launched virtually today will support promising women-owned businesses SheTrades Gambia is working with to overcome sales and revenue decreases and help them to successfully remerge out of this difficult time.
Notes to the editor
NACCUG, the apex body for all credit unions in The Gambia, was formed in 1991. It aims at promoting and supporting the development of viable Credit Unions through sound and market-based business strategies. It works to develop and make available the best financial and non-financial services to its members at reasonable cost and to fight poverty as a model financial co-operative.
About the Project – SheTrades Gambia
The SheTrades in The Gambia project is part of the global SheTrades initiative led by the International Trade Centre (ITC). The project is implemented by ITC under the leadership of the Ministry of Trade, Industry, Regional Integration and Employment and funded by ITC, the Enhanced Integrated Framework (EIF) and the OPEC Fund for International Development (OFID). It focuses on horticulture and textiles and garments value chains.
The objective of the SheTrades in The Gambia project is to enable Gambian women to benefit from economic participation. This will be achieved by increasing the participation of Gambian women entrepreneurs in trade. Furthermore, it will allow for the adaptation of the global SheTrades initiative to the context of The Gambia, in alignment with the national strategies and initiatives endorsing women’s economic empowerment. As a result, the project will strengthen the capacity of government agencies in terms of mobilizing reliable data and information for gender responsive policies, monitoring and evaluation, risk management, and identifying synergies with relevant stakeholders in the private sector. The project will also work towards establishing a conducive business environment and support ecosystem for women entrepreneurs. To achieve this, the project will also work towards enhancing the capacity of business support organizations and providing them with the tools, training and resources to better understand and serve the needs of women entrepreneurs.
About the Funders – Enhanced Integrated Framework (EIF) & The Opec Fund for International Development (OFID)
The EIF partnership of 51 countries, 24 donors and eight partner agencies works closely with governments, development organizations and civil society to assist least developed countries (LDCs) use trade as an engine for development and poverty reduction. Together, they leverage their collective know-how, reach and reputation to tackle the trade constraints of the world’s poorest countries.
The EIF programme is supported by: a Geneva-based Steering Committee that advises EIF stakeholders and serves as a forum for transparency and information exchange, and comprised of all LDC partners, all EIF Donors and EIF Agencies; a Board that serves as the key decision-making body, with strategic, operational and financial oversight, and comprised of three capital-based LDC representatives, three EIF Donor representatives and members from EIF Agencies; and a Multi-Donor Trust Fund managed by the United Nations Office for Project Services (UNOPS) as the EIF Trust Fund Manager.
OFID is dedicated to improving people’s lives by providing public, private, and trade sector financing, as well as grants, to support sustainable social and economic advancement across the globe. Their efforts strengthen infrastructure and human capacity across inter-related fields such as energy, transportation, agriculture, water and sanitation, health, and education, in some 134 countries.
About the Organisation – International Trade Centre
The International Trade Centre (ITC) is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals. For more information, visit www.intracen.org. Follow ITC on Twitter | Facebook | LinkedIn | Instagram
Media and Communications Officer
Youth Empowerment Project (YEP), International Trade Centre
M: (+220) 3900088 / 2033333E: firstname.lastname@example.org