Gapi, an investment company, and Ayuda en Acción, a Spanish non-governmental organization (NGO), announced Wednesday the implementation of a "Working for Progress" small business support program in Cabo Delgado to minimize the damage from the terrorist attacks.

According to a statement, the technical assistance program for small business development, income generation, and employment will benefit women and youth in the districts of Metuge, Ancuabe, Balama, Chiúre, Mecúfi, Montepuez, Namuno, and Pemba.

According to the manager of the Gapi delegation in Pemba, Bruno Torres, quoted in the document, it is intended to "test solutions that help young people and women entrepreneurs to carry out activities that guarantee them income and help others to have a job.

Small farmers, traders, whether individual or associated, registered as micro-enterprises, are among the beneficiaries of the guarantee fund and credit line, "which will finance amounts between 50,000 and one million meticais at an interest rate of 1% per month."

The program is in a pilot phase with an initial fund of about eight million meticais for micro-loans and to provide loan guarantees.

"To facilitate access to financing, the program contemplates a guarantee fund that will share the credit risk in the operations to be carried out" and thus "attract commercial banking," the statement added.

The "Working for Progress" program also provides for technical assistance activities in structuring, starting up, and expanding the businesses.

Source: frog