Youth Urged to Form Cooperatives to Access Credit

Published by IGIHE
On 19 November 2012 saa 02:52
Views : 1194
0 0

The Permanent Secretary in the Ministry of Youth and ICT, Rosemary Mbabazi has urged Youth to form cooperatives so that they can get funds to start income generating projects.

This was revealed during the closing ceremony of Global Entrepreneurship Week (GEW) last Saturday, on 17th November 2012.

During the GEW, organizers visited universities where they meet entrepreneurship clubs.

The meetings provided a forum for mentoring and inspirational talk from already suc¬cessful entrepreneurs who have made it despite difficult conditions.

Speaking to the press after the closing ceremony of GEW, PS Mbabazi said that he Government of Rwanda is committed to encourage entrepreneurs;

“In an effort to boost the private sector government set up a guarantee fund through Business Development Fund (BDF) to support Small business entrepreneurs (...) to improve access to finance young entrepreneurs can get 75% guarantee to start their own projects,” stressed PS Mbabazi.

She recommends Youth to form cooperatives so that they can get loans to progress in business. 600 Youths from all corners of Rwanda have been sensitized to embrace entrepreneurship.

At this colorful event, the CEO of Inzuki Designs, Teta Isibo received the award of the winner of the entrepreneurship competition. She received a prize of Rwf 2 million.

Inzuki is a retail brand specializing in hand-made jewelry, accessories, clothes, home decor and light furniture. All products are made from local materials and are inspired by Africa.

They are designed with contemporary and international style concepts in mind, making them appealing to a wider market.

GEW is the initiative kicked off in 2008, launched by former UK Prime Minister Gordon Brown and Carl Schramm, the president and CEO of the Ewing Marion Kauffman Foundation.

Since then, it has grown to 115 countries-with nearly 24,000 partner organizations planning more than 37,000 activities that directly engage more than 7 million people.