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Haiti - Economy : ONA grants prime loans to young entrepreneurs
23/11/2019 09:54:54

Haiti - Economy : ONA grants prime loans to young entrepreneurs
Thursday at the National Palace, President Jovenel Moïse, accompanied, among others Enol Joseph acting Minister Trade and Industry (MCI) and Chesnel Pierre, the Director General of the National Office of Old-Age Insurance (ONA) handed to 92 young entrepreneurs from the country's 10 geographic departments, the second cohort of entrepreneurs who came out of the long process of selection of the Youth Entrepreneurship Support Program (PAPEJ), their loan checks contracted from from ONA.

This ceremony follows that of last November 7th when some fifty young people had already received their checks https://www.haitilibre.com/en/news-29211-haiti-economy-delivery-of-checks-to-50-young-entrepreneurs.html was also an opportunity for the Head of State to announce that the program "Kredi atè plat" will be boosted to offer credit at a preferential rate to more than 20,000 beneficiaries.

ONA Chief Executive Chesnel Pierre emphasized that the funding of the PAPEJ was primarily aimed at creating productive jobs in the context of sustainable development of the country, stating that this credit granted at a preferential rate ranging between 3 and 5% "reflects the Government's commitment to reduce youth unemployment and to provide more jobs and economic opportunities for the population as a whole."

Addressing the young entrepreneurial beneficiaries, he reiterated ONA's trust in youth, wealth creation and business across the country predicting "Over the next decade, the main economic opportunities will come from you, young entrepreneurs, who design and build business projects, create jobs and wealth, and seize opportunities for growth [...]" stating "This will reduce the number of young people who are neither employed nor in training" concluding "[...] poverty must be fought not only by democratizing wealth, but also by trusting young entrepreneurs who want to invest, create, innovate in their community. This is why credit is granted at a rate of only 3%, with a grace period of 6 to 12 months."

The Minister Jean Enol Joseph, whose MCI is at the heart of the Program, wanted to provide details on the PAPEJ whose global envelope intended to finance businesses is estimated at 91 million gourdes, underlining that the Ministry of Trade and Commerce Industry had taken all the necessary steps to support these young people in this risky gamble of creating businesses stating "On average, the financing varies between 300,000 Gourdes for the minimum amount and 1.3 million gourdes for the maximum amount [...]" concluding, in addition, "The beneficiaries obtain MCI technical supervision and specific training, intended to grow their businesses."

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