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Angola: Kuando Kubango - Youth Credit Project to Grant USD 150,000
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Angola Press Agency (Luanda)
16 April 2008
Posted to the web 16 April 2008
Menongue
The State-owned BPC bank has USD 150,000 available for the financing of micro-projects in the south-eastern Kuando Kubango Province, in the ambit of the implementation of the government's "Youth Credit" programme.
Speaking to ANGOP, the sports and youth provincial director, Manuel Franessa, guaranteed that the loans start to be given in the first fortnight of May, according to the projects that will be submitted.
For the effect, there will be training from April 28 up to May 3 to be run by technicians of the Ministry of Youth and Sports, as well as from the National Support Institute for Small and Medium Enterprises (Inapem) and BPC, aiming at upgrading the credit beneficiaries to better manage their undertakings.
According to the source, in the first phase, the programme will cover youths of Menongue, the provinces chief district, with projects in the sectors of commerce, services and agriculture, for applicants of Kuchi, Kuangar and Kuito Kuanavale districts.
Fourteen services rendering cooperatives have enrolled in Menongue District, from which 13 people in car washing, 18 in retread, precarious commerce with 18, building materials (bricks manufacturing), tailoring, shoemaking, locksmith's, goods carriers and confectioners all with 11 beneficiaries.
The projects will also finance self-construction with 18 youths, car fixing garage, photography, beauty saloon and sewing with 11 beneficiaries for each cooperative. The credit refund for the agriculture sector will be done in three years, industry and services in two and commerce sector in one year.
The financing amount is of USD 5,000 for commerce and services sectors and USD 20,000 for agriculture.
He said that for the 2008/2009 period, the programme will benefit 1,149 youths with projects in agriculture and cattle-breeding, commerce and services sectors and the overall amount is estimated at 95.480 million kwanzas.
The youth credit project, a governmental initiative, aims at the social reintegration of young people, improving their level of instruction and academic training, income increase, families savings and investments, valuing and fomenting youths social activities and self employment.
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This programme also aims to reduce the rate of unemployment in short and medium term.
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