Inkomoko and MasterCard Foundation to help private sector cope with Covid-19

On 21 July 2020 at 06:29

Non-Governmental Organization for the Advancement of Entrepreneurs, Inkomoko, in partnership with the MasterCard Foundation, has announced the second phase of support for entrepreneurs that will focus on helping young entrepreneurs, and the poor ones to address the impact of COVID-19 on their activities.

In June this year, Inkomoko, in partnership with the MasterCard Foundation, launched a $ 2.3 million project worth about Rwf 2.2 billion to develop small and medium-sized businesses.

It is expected to reach 3,500 beneficiaries. The first phase consisted of 1,000 entrepreneurs from different camps and environs.

In the second phase, 1,000 small and medium-sized entrepreneurs will be assisted based on the impact Covid-19 has had on their operations, to cope with them, and to develop new and sustainable strategies for their operations.

Inkomoko Managing Director, Nathalie Niyonzima, said small and medium-sized entrepreneurs have a significant role to play in the country’s economy but face various barriers that should not be overlooked.

Cabinet Minister of Trade and Industry, Soraya Hakuziyaremye, spoke about the efforts the Government is making to meet the business needs of small and medium enterprises created by Coronavirus.

“As the pandemic spread, the Government faced a major challenge; we wondered if we should stop the economy and take care of health. But as we have seen, strong decisions have been made, but policies and measures have been put in place to restore the affected economy.”

The government recently announced a $ 100 million fund to help the economy recover. Minister Hakuziyaremye said it was one of the strategies to help traders including those entrepreneurs.

The acting country representative of the MasterCard Foundation in Rwanda, Rica Rwigamba, said that because of the coronavirus, there is a lack of employment opportunities and the young entrepreneurs meet with problems, and building them requires a variety of strategies.

Head of Special Economic Zone and Export in the Rwanda Development Board, Sayinzoga Diane, said the support was timely and that RDB needed similar support from other organizations.

Small and medium enterprises account for 98% of the country’s business. 55% of the Inkomoko funding will be given to small businesses and 18% to medium businesses.

For the entrepreneur to be supported, the project will be considered, whether it is in the field of agriculture and animal husbandry or the hotel and hospitality sector.

Inkomoko and MasterCard Foundation to help private sector cope with Covid-19