Swazi Observer

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YOUTH TO ACCESS E20M AS JA PARTNERS WITH ENIDC

By SILINDZELWE NXUMALO | 2023-02-09

Junior Achievement Eswatini and the Eswatini National Industrial Development Corporation (ENIDC) have forged a partnership which will see the youth accessing E20 million from the credit guarantee scheme for Small and Medium Enterprises (SMEs).

The organisations signed a memorandum of understanding (MOU) which will enable businesspeople in entrepreneurship to tap into the funds aimed at changing young people’s lives.

ENIDC Managing Director, Muzikayise Dube expressed their willingness as to grow youth businesses by assisting them access more funds through the new partnership.

“Our main aim is to invest in economically and financially viable, technically feasible and environmentally friendly projects that have sustainable medium and long term returns and growth effects to Eswatini’s socio economy and its stakeholders,” he said.

Dube emphasised that the funds would be for already existent, profitable and growing businesses, where they would guarantee the loans for ease of access.

JA Eswatini Executive Director, Phetsile Masilela thanked ENIDC for having confidence in JA in ensuring they provided finance for the youth through them. She said the availability of funds had always been a hurdle in growing youth businesses and JA Eswatini was grateful for the opportunity to help the youth access funds for growing and sustaining their businesses.

“The numbers of youth businesses without funding have increased every year we produce new cutting edge business ideas that need to be sustained and grown to help improve the country’s economic status,” she said.

She added that the beneficiaries would go through training and a mentorship period aimed at ensuring the funds were not mismanaged and also that the businesses were sustained and funding paid back as expected by ENIDC.

“For all beneficiaries, we will have a six months mentorship programme that will guide them until their businesses are sustained,” Masilela concluded.

Funding
The cycle for this funding will be a month to ensure all young people are exposed to these opportunities, where graduate young people will be preferred.

The overall objective of the partnership is to contribute towards the reduction of the unemployment rate for out-of-school youth who have graduated, through entrepreneurship skills development, with the culture of entrepreneurship, innovation, and wealth creation. The partnership will also enhance career and business development for youth entrepreneurs through the mentorship programme.

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