The Gambia Women Enterprise Fund Act, no. 6 of 2020

3. Applicable law PART I - ESTABLISHMENT AND OBJECTIVES OF THE WOMEN ENTERPRISE FUND 4 Establishment of the Fund § Objectives of the Fund PART Ill - ESTABLISHMENT, COMPOSITION AND FUNCTIONS OF THE WOMEN ENTERPRISE FUND GOVERNING BOARD

6. Establishment of the governing Board 7 Composition of the Board §. Functions of the Board

9. Qualifications for appointment as chairperson of the board

10. Removal of Board members

11. Vacation of office

12. Filling of vacancies 13. Power to delegate

14. Meeting of the Board D PART IV - MANAGEMENT OF THE FUN r

46. Appointment of the Fund Manage Fun d Man age r

16. Responsibilities of the 17. Removal from office PART V — FINANCIAL PROVISIONS

18. Sources of funding for the Fund 19, Expenditures from the Fund 20. Estimates, accounts and audit

21. Annual and periodic report 22 Allocation of the Fund 23 Balance of funds 24, Appointment of Auditor

25. Interest rate t 2020 V v o m e n E n t e rprise F und Ac , The Gambia ISBURSEMEN T 0 F FUNDS - D E V O L U T I O N A N D D PART VI 26 Disbursement of funds 27 Eligibility criteria for application

28. Repayment period T E WOMEN ENTERPRIS E FUND PART Vil - ESTABLISHMEN OF TH MANAGEMENT COMMITTEES 29 Establishment of Management Committees mittee 30 Functions of the Women Enterprise Fund Management com PART Vill - MISCELLANEOUS PROVISIONS 31, Regulations

32. Winding up _Supptement “C" to The Gambia Gazette No, _of »_ 2020 The Gambia Women Enterprise Fund Act, 2020 THE GAMBIA NO. & OF 2020 pees to by The President, of Octéher , 2020. this 20" day LA-Girer0n Adama Barrow. 8) President ENTERPRISE FUND ACT, 2620 THE GAMBIA WOMEN d matters. Women Enterprise Fun ami for connecte AN ACT to provide for the establishment of ENACTED by the President and the National Assembly. _ terprise Fund Act, 2020 The Gambia Women En PART | - PRELIMINARY

4. Short title en Enterprise Fund Act, 2020, This Act may be cited as the Gambia Wom

2. Interpretation in this Act unless the context otherwise requires - *Board* means the Women Enterprise Fund Governing Board; "Committee" means a Women Enterprise Fund Management Committee established under this Act; “Entrepreneur” means a person who establishes a business to make profit; “Enterprise” means a business venture to produce economic and social values; “Equalization” means giving twenty percent grant concession to the poorest Districts, Constituencies and Local Government Area, "Financial year" means the period of twelve months, starting on the first of January and ending on the thirty-first of December: for which @ government budget is approved, executed, reported, fimigs means the Women Enterprise Fund established under this “Micro" means a business supported by one to four workers and with a total asset of twenty thousand dalasis; “Medium” means a business of sixteen to forty-nine workers and a Capital of one to five million dalasis, “Minister” means the Minister responsible for matters relating to Women Affairs; and “Ministry” shall be construed accordingly; “Ordin . ence” means ary Resid in a district any y¥ pe person wh 0 has been ordinarily resident 4 The Gambia Women Enterprise Fund Act. 2020 roe notice” means diligent and prompt effort made to inform the airperson or members of reasons for absence prior to the holding of a scheduled meeting; “Small” means a business of five to fiftee n workers and a minimum ini capital of twenty five thousand and a maximum of one million dalasis, “Table -banking" means group savings where each member of a group contributes to put together a certain amount that can be immediately borrowed by a member on a revolving basis 3 Applicable law This Act shall apply to the fund. OF THE WOMEN PART Il - ESTABLISHMENT AND OBJECTIVES ENTERPRISE FUND

4. Establishment of the Fund the Women Enterprise Fund. (1) There ts established by this Act, perpetual succ ession and a (2) The Fund is a body corporate with common seal and may — name; {a) sue and be sued in its corporate and dispose of {b) enter into contracts and acquire, hold property, (¢) borrow and lend money; and essary for the proper (d) do such other things or acts nec performance of its functions mon seal of the Fund shall be (3) The applicati on of the com e of the Fund Manager, the authenticated by the signatur ber authorised by the Board in Chairperson, or any ot her mem Fund. writing to sign on behalf of the mon seal of the Fund (4) A docu ment bearing the imprint of the com ss the contrary is proved. is deem ed to be properly sealed, unle 5 The Gambia Women Ent erprise Fund Act, 2020 “el 5, Objectives of the Fund Fund are - The objectives of the to create, promote and grow women enterprises: (a) en; (b) to create self-employment for wom g women (c) to model an alternative framework in fundin entrepreneurs, (d) to attract, strengthen and facilitate investment in micro, small and medium enterprises, oriented commercial infrastructure including business, kafo/kompin, stalls, markets or business incubators that will be beneficial to women; (e) to support women oriented micro, small and medium enterprises to develop linkages with large enterprises and market outlets; and (f) to enhance job creation. PART lil - ESTABLISHMENT, COMPOSITION AND FUNCTIONS OF THE WOMEN ENTERPRISE FUND GOVERNING BOARD §. Establishment of the governing Board (1) There is established by this Act, the Women Enterprise Fund governing Board.

7. Composition of the Board (1) The Board shall comprise - (a) a Chairperson appointed by the President in consultation with the Public Service Commission, (b) the Fund Manager who shall be the secretary to the board; 6 The Gambia Women Enterprise Fund Act, 2020 (c) the Permanent Secretary of the Ministry responsible for Women Affairs, (d) the Permanent Secretary of the Ministry responsible for Trade; (e) the Permanent Secretary of the Ministry responsible for Finance; (f) the Permanent Secretary of the Ministry responsible for Agriculture: {9) a representative from the Central Bank of The Gambia, preferably a woman, (h) a representative of The Gambia Women Chamber of Commerce; () a representative from Bankers Association, a representative of The National Federation of Q) Gambian Women, a representative from the women’s wing of the (k) Gambia Federation of the Disable, two persons representing the National VvYomen (I) Council and Women’s Bureau, {m) one person representing civil society organizations who shall be nominated by the Association of Non- Governmental Organisation; {n} The Accountant General. (2) The non-ex-officio members of the Board shail be appointed by the President after consultation with the Public Service Commission provided that seventy percent of the non-ex officio members of the board shall be women. (3) The Chairperson shall hold office for a period of two years and is renewable for a further term. ? Act , 2020 _ The Gambia Women Enterprise Fund 4) The non-ex-officioi members of the Boar d shall hold office for ie three years and may be re-appointed for one further term,

8. Functions of the Board The Board shalt+- (a) consider and approve funding to beneficiaries with the fung manager; (b) approve disbursement of funds with the fund manager; (c) submit an annual report on the operations and performance of the Fund to the Ministry and the National Assembly, (d) put in place necessary mechanisms for sanctions and enforcement in case of loan repayment default; (e) carry out any other activity which, in the Board's opinion, will be necessary to promote and facilitate the objects and purposes of the Fund, (f) review and approve the annual budget of the fund, (9) Set the criteria and enter into performance contract with management, (h) The Board may establish such Committees as it may consider necessary for the performance of its functions under this Act: (i) the Board may co-opt a member of a Committee or any person whose knowledge an d skills are necessary for the functions of the Fund, to attend a m eeting of the Board, but such a member shall not have any Voting rights in respect to decisions of the Board. The Gambia Women Enterprise Fund Act, 2020 —_—_—_— ae 9, Qualifications for appointment as chairperson of the board A person may be appointed as-a Chairperson of the Board if he or she - (a) is a Gambian citizen; {b) holds a Bachelor's degree in Accounting / Finance / Business Administration / Economics or relevant professional qualification from a recognised university; (c) has at least ten years experience in senior management position, (9) understand the entrepreneurship environment in the Gambia. (1) The Deputy Chairperson shall be elected by the board

40. Removal of Board members from office for - A member of the Board may only be removed {a) gross misconduct: to perform (b) physical or mental infirmity of body or mind the functions of the office; (c) incompetence, (d) neglect of duty; (e} expiration of term of office; d meetings (f) failure to attend three consecutive boar without proper notice. 41 Vacation of office ome vacant if the The office of a member of the Board shall bec member — t, 2020 Ga mb ia Wo me n Enterpriise Fund Ac —__ The ig (a) resigns; ence involving fraud or b) is convicted of a criminal off dishonesty; (c) 1s adjudged bankrupt; e (d) is unable to perform the functions of hie or her offic by reason of infirmity of body or mind or; {e) dies. 12 Filling of vacancies Where a vacancy occurs in the membership of the Board, the Minister shall notify the President of such vacancy and the President shall appoint a person to fill the vacancy within one month

13. Power to delegate The Board may delegate the exercise of any of its powers or the performance of any of its functions u nder this Act in writing to a member, an employee, a committee, consultant or organization.

14. Meetings of the Board (4) The Fung Manager shail notice of every meeting of ine oe? St fourteen days wri the Board to every tten member of the 10 The Gambia Women Enterprise Fund Act, 2020 ee (ae Board unless three quarters of the total number of the members of the Board otherwise agree, The quorum for a Board meeting shall be five members. shall be determined by a simple (6) The decisions of the Board present, and in case of an eq uality majority vote of the members of votes, the Chairperson or the person presiding at the meeting shall have a casting vote, (7) The proceedings of the Board shall not be invalidated by reason of a vacancy within its membership. or (8) The Board may at any time co-opt any person to advise person otherwise assist the Board at any of its meetings but the coopted shall not vote on any matter for decision by the Board. (8) A member of the Board who has an interest in any subject matter which is a subject of consideration in which the member is present shall, at the meeting and as soon as reasonably practicable after the commencement thereof, disclose his or her interest and shall not take part in the deliberations or vote on the matter (10)A disclosure of interest made under sub-section (9) shall be recorded in the minutes of the meeting at which it is made. (11) The Board may regulate its own procedure PART IV - MANAGEMENT OF THE FUND

15. Appointment of Fund Manager (1) There shall be a Fund Manager who shall be - (a) appointed on such terms and conditions as the Board may determine; and (b) remunerated on such terms as may be determined by the Board (2) The Fund Manager shall be appointed by the President after consultation with the Board and the Public Service Commission. il The Gambia Women Enterprise Fund Act, 2020 a (3) A person may be appointed as the Fund Manager if he or she - a. 1s a Gambian citizen; b. holds a graduate degree in Accounting or Finance or Business Administration or Economics or relevant professional qualification from a recognized untversity: c. has demonstrable experience in financial management; and d. has at least five years experience in a senior management position

16. Responsibilities of the Fund Manager The Fund Manager is — a) responsible for the day-to-day management of the Fund: b) the accounting officer of the Fund; ¢) the custodian of all records of the Fund, d) responsible for executing the decisions of the Board; €) assignment of duties to and supervision of all employees of the Fund: f)} facilitating, coordinating and ensuring execution of the Board's decision, 9) ensuring staff compliance with wor k ethics, h) the performance of such other duties as may be the Board, assigned by i) supervise and control the administrati on of the Fund; j) consult with the Board on matters relating to the administration of the Fund, k) advice the board on suitable invest ment opportunities, 12 The Gambia Women Enterprise Fund Act, 2020 — the preparation of activi d \) facilitate activity report and audite financial statement, m) prepare annual work plan to be approved by the Board, n) manage and administer the Fund; of the Fund from the 6) receive reports on the performance Committees; al linkage of the Fund, p) develop and facilitate sector programmes under the Fund, g) monitor and evaluate the through its local officers and r) liaise with local ousiness encourage peer mentoring enterprises and corporate recipient groups, engagements for all fund capacity building to fund s) be responsible for facilitating reneurship, on tab le ba nk ing, business entrep reci pi en ts t areas, em en t an d oth er business developmen public proc ur ately required in such h are not immedi t} invest funds whic the board manner as advise by

17. Removal from office from office for - may only be removed The Fund Manager the functions of his or her office, arising a) inability to perform dy and or mind, out of infirmity of bo b) gross misconduct, duct, c) professional miscon bankrupt; - d) being adjudged 13 en Enterprise Fund Act, 2020 The Gambia Wom en ce oF neglect of duty; 2) —_ gr os s in co mp et tution or any other law; f) violation of the Consti g the fund; g) Violation of the Act governin h) Abuse of women PART V - FINANCIAL PROVISIONS 48 Sources of funding for the Fund The sources of funding for the Fund include — {a} monies appropnated to the Fund by the National Assembly’ (b) income generated from the interest on loans and investments of the Fund; (c) grants and donations, provided that the terms and conditions attached to the grant or donations are consistent with the functions of the Fund, (¢) such other monies that may accrue to any other lawful sources: ‘ em

19. Expenditures from the Fund (1) The following expenditures may be paid from the Fund — (a) Ptcihony allowances and benefi ts of the staff of the (0) the annual work programm es (c) any st othertaeax peénses | heurred tin pursuance of the Purposes for which the Fund is 14 ae The e Ga Gambia Women Enterprise Fund Act, 2020 established; not exceeding fi Ve percent , of monies moni SPR by the National Assembly: an appropriated {d) Board fees and allowances prescribed by regulation

20. Estimates, accounts and audit (1) The Fund Manager shall within three months before the end of each financial year, prepare and submit to the board for approval, estimates of the income and expenditure of the Fund for the ensuing year. (2) The Fund Manager shall - {a} keep proper records of accounts of the incomes, in expenditure, assets and liabilities of the Fund and Financi al accordance with the Public Finance Act Regulations, ure during (b) prepare a statement of income and expendit the preceding year, of accounts and other (c) cause to be kept, proper books books and reco rds of all activities and undertakings financed from the Fund; l year, a statement {d) prepare in respect of each financia of accounts, and t at a bank approved (e) open and operate a bank accoun by the Accountant General ncial e months of the end of the fina (3) The Board shall, within thre ts eral, the statement of accoun year submit to the Auditor Gen year, for audit. of the Fund for the preceding r General's of the Fund and the Audito (4) The audited accounts r General's shall form part of the Audito report on those accounts Assembly. National overall annual report to the t, 2020 ia Vv vo me n En terprise F und Ac The Gamb a TH

21. Annual and perlodic reports _ not latert han two months after the end of each (1) The Board shatSU bmit to the Minis ter in respect of the preceding financial year, the activities of the fund, nual report on financial year, an an n - (2) The report shall contai ties of the Fund; (a) information regarding the activi the Fund for that (b) a copy of the audited accounts of year, (c) the Auditor General's report on the accounts: and (d) such other information as the Minister may request. {3) The Board shall, not later than three months after the end of the financial year, present the annual report before the National Assembly. (4) The Minister shall, not later than three months after the end of the financial year, submit the annual report before the National Assembly (5) The Fund |Manager shall prepare a quarter| y report on the and expenditure of the Fund and submit inco it to thatboand i may request in writing (7) The , Minister is requi quired to subm National Assembly within three vel de annual report to the 22, Allocation of the Fund The capital of the Fund Shall be allocated as follows (a) an amount hot ex cee j ding seven earmarked for capacity bui lding sbi a of the capital shall be groups and staff: und beneficiaries target 16 The Gambia Women Enterprise Fund Act, 2020 (b) for the balance of the Fund to Constituencies; Districts, and Local Government Area, (i) seventy percent shall be allocated to the Constituencies, Districts, Local Government Area and, (i) twenty three percent shall be disbursed on the basis of the National Poverty Index for equalization purposes, Government Area's, {c) the Constituencies, Districts, Local share shall be disbursed as follows-, as loans: and (i) eighty percent shall be allocated as a grant for (i) twenty percent shall be allocated each beneficiary group e of any An y rev isi o n of the app roved annual work programm (1) the Board for approval. estimates shall b @ referred to

23. Balance of funds e of the accruals to the Fund, and the balanc The receipts, eamings and ancial year, shail be retained by the Fund fin Fund at the close of ea ch Fund is asiablished for which the for use for the purpose Auditor

24. Appointment of ng of be responsible for the auditi (1) The Auditor General shall the Fund annually examination and Th e Au di to r- Ge neral shall report on the months (2) co un ts to the Bo ar d and to the Minister six r audit of the ac yea r, and in the case of an Audito fin anc ial after the end of the ll transmit a copy of ion {1}, he or she sha appointed under sub-sect neral tor-Ge the report to the Audi on the Th e Aud ito r General shall carry out an inspection (3) ry six months or nis or records at least once eve irable to him or her. whenever it appears des 7 Gambia Women Enterprise Fund Act, 2020 The 25, Interest rate shall peria odically se t interest rates , (1) tt ae oes as determined by the Ce 4, consulta ntral Bank of The Gambia 2 The Board shall cause to be gazetted the interest rates as iil in sub-section (1) PART Vi - DEVOLUTION AND DISBURSEMENT OF FUNDS

26. Disbursement of funds The monies in the Fund shall be disbursed under the following conditions- (a) —_ alll disbursements fro m the Fund shail be appr Board, oved by the {b) all disbursements fr om the Fund's mai made through the b en f account shall be eficiary bank acco unts, {c) {d) there Shall fin ancial year no di Sburse counts ments for feceivad ung the the Succeeding ms until sa id records are duly {©) the Board ie te rely ©ondi reeane tions and ©nsure ffi cient and The Gambia Women Enterprise Fund Act, 2020 (b) has a minimum of six and a maximum of two hundred members; (c) is a female youth group; (a) is a women's group; (e) has been in existence for at least three months, (f) is made up of members who reside in the constituency for at least two years, in which the application is made; (9) operates a table banking structure where members make monthly contributions according to the groups’ internal guidelines (evidence of monthly contributions shall be a requirement); (h) hold a bank or savings account with a recognized financial Institution in the name of the group, (i) women with disability; and () track record of the groups. (2) An application to access monies from the Fund shall be accompanied by a signed guarantee form executed by each member of the women group, individually committing to repay the loan requested by the group (3) The Committee shall enter into an agreement with the identified beneficiary group on the terms of the loan repayment prior to release of funds through signing a prescribed form stating- (a) the amount of money; (b) the length of time the group has been in existence; (c) the total amount contributed by the group, {d) the current status of contribution; and (8) the proposed project for which the loan is applied for. 19 The Gambia Women Enterprise Fund Act, 2020

28. Repayment pariod (1) The repayment period for each loan element shall be determined by the fallowing- {@) the amount of money borrowed, (bo) the size of the group: and (c} the proposed financial plan for the loan repayment, (2) All groups shall be allowed a six month grace period befor commencement of repayment of the e loan (3) Sublect to sub-section (2), all loans shall be two Years after the expiry of the grac payable within e period (4) A loan recipient shall repay the loan by depositing their monthly repayments for joan proceeds through bank transfer into the Fund repayment account and submit a copy of the deposit slip to the Committee who shall issue and ack nowledge receipt to the recipient group PART Vil - ESTABLISHMEN T OF THE WOMEN ENTERP MANAGEMENT COMMITTEES UND Sane

25. Establishmant of Manage ment Committees (1) There is established by this Act, Management Committees in each the Women region, Enterpri prise Fun d (2) A committee shall comprise of - (a) the Governor of the reg ion as an ®x-officlo me mber, (6) heads of regional offices of the Ministry ag the secretary: (¢) one member representing the Tec hnical Advisory 20 The Gambia Women Enterprise Fund Act, 2020 Committee: (d) one member representing the Multi-Discip| Facilitation Team: isciplinary (e) Community Development Officer: National Women Counc] fegion al representative: (9) one female representative from the afea or municipal council, (h) Representative of the National Federation of Gambian ‘Women; (i) Representatve from the women's wing of the Gambia Federation of the Disable. {3} The members of the Committee shall appoint the chaimperson from amongst their members. (4) Anon-ex-officio member of a Committee shall hold office for two years and may be re-appointed for one further term

30. Functions of the Women Enterprise Fund Management Committee Each Committee shall - (a) identify the target groups within the region, using guidelines provided; (b} recewve and evaluate applications from the target groups, {c} recommend for approval to the Board, the disbursement of funds to the groups; (d} monitor utilization of the funds by groups; (e} manage and oversee the implementation of the Fund at the regional level; and (f} | compile and submit progress reports to the Board on a quarterly basis, 21 The Gambia Women Enterprise Fund Act, 2020 PART Vill —- MISCELLANEOUS PROVISIONS 31, Regulations The Minister may make regulations subject to standing order s of the National Assembly generally for the effective implementation oF re for any other matter which is consistent of this with the Purpose of is Act,

32. Winding up The Gambia Women Enterprise Fund Act, 2024) — passED in the National Assembly ne 24th day of Septernber, in the year of Gur Lord Twenty. Clerk of the Nattonal Assembly THS PRINTED IMPRESSION has been carefully compared by me with the Bill i has passed in the National Assembly, and foundby me lo be atrue and correct copy of the said BilL, MN. OA, | Sis Clerk of the National Assembly a & Sablish mg Corporation Kanifing -20/10 (202N15C. Printed by The Gumnbia Printing