The Chadian Ministry of Finance and Budget proceeded, this Saturday, June 11, to the official launch of the “Youth Entrepreneurship Fund” and to the signing of a partnership agreement with local banks. The Head of state when addressing the nation on April 14 announced a $ 30 billion fund to support youth entrepreneurship.
“We are gathered this day to celebrate our youth, materialize and operationalize one of the most important promises of the Marshal of Chad, Idriss Deby Itno, for our youth and the whole nation” the Minister of Finance and Budget, Tahir Hamid Nguilin rejoiced.
The government and local banks have agreed on loan mechanisms for young Chadian entrepreneurs. “Young project leaders will now be able to benefit from more flexibility and access to finance from our banks,” Bichara Brahim Kossi, President of the Association of Professionals of Credit Institutions (APEC) in Chad said.
According to the Minister of Finance and Budget, to be eligible, youth projects must comply with the provisions of the law establishing the Youth Entrepreneurship Fund. The projects will be 100% funded by banks with a state guarantee of around 70%.
“With regard to the resources of the fund, these will come mainly from State subsidies, from the allocation of part of the resources of organizations, agencies and other funds for young people such as ONAPE, ONAJES etc. Explains the Minister.
To promote solidarity between genders and territories with a view to decentralizing economic activities, a fraction of the loan will be granted to young people in the provinces and 30% of loans will be granted to young women and girls.
