DISBURSEMENT OF CHEQUES TO 11 YOUTH REVOLVING LOAN SCHEME BENEFICIARIES
On Saturday 11th September 2021, the Social Development Fund (SDF) in partnership with the Ministry of Youth and Sport and the National Enterprise Development Initiative (NEDI) made a disbursement of D3,850,050.00 (Three Million Eight Hundred and Fifty Thousand and Fifty Dalasi) to 11 youth beneficiaries under the Youth Revolving Loan Scheme.
The disbursed funds provided financing to youth-led microenterprises in sectors such as agribusiness, animal husbandry, poultry production, natural oil production, horticulture, hairdressing, general merchandise, piggery and information technology.
The disbursement ceremony which was organised by NEDI also witnessed the disbursement of grant funds amounting to D2,000,000.00 (Two million Dalasis only) to 40 youth beneficiaries.
Speaking during the disbursement ceremony, the Director General, Mr. Sonko Fofana stated that the disbursement ceremony was a sequel to the signing of a MoU between the SDF and the Ministry of Youth and Sport on the implementation of the Youth Revolving Loan Scheme. He further stated that the Youth Revolving Loan Scheme was an initiative of the Government of the Gambia and established as a component of the Youth and Sports Development Levy with the following objectives:
- Facilitate access to affordable financial services for youth to engage in income and employment generating activities.
- Facilitate the establishment of youth-led enterprises in the country.
- Facilitate the acquisition of life skills and access to start-up tools for the operationalization of such skills.
- Deter youths to abandon the risky “back-way” to Europe in search of “greener pastures”
The DG pointed out that the Youth Revolving Loan Scheme was an opportunity created by Government for youths as a contribution to one of the major challenges inhibiting youth participation in national development, i.e., access to affordable financial services. He therefore urged the loan beneficiaries to make full use of the loan scheme as an income generation and employment creation opportunity so that they can become job creators instead of job seekers.
As a revolving loan scheme, repayments must be received on time for the scheme to continue revolving. The Director General therefore advised the loan beneficiaries to fully comply with their repayment obligations as spelt out in their respective loan contracts to ensure that all eligible youths in the country benefits from the scheme
He concluded by thanking the Government, the Ministry of Finance and Economic Affairs and the Ministry of Youth and Sports for choosing the SDF as a partner for the implementation of the Youth Revolving Loan Scheme.
