To improve the livelihood of many youths and at the very same time redefining development in Rwanda, youths need initial investment capital to dispense their lucrative ideas and as well associate.
Minister of Youths and ICT Jean Philbert Nsengimana, says that there is now a new equity investment package of Rwf100million set aside for the youths to help them invest or in case innovate to deal with the daily economic amenities.
In this system of loaning, youths will not be squeezed to pay the 10% interest on loans but can be exonerated even when their investments or ventures are a loss.
“We don’t want to hear some people complaining that their ideas were stalled by lack investment capital,” Nsengimana said.
The ideas must be explicitly lucrative for the investor or owner and the customers of beneficiaries.
“There is no any other way people innovating in Rwanda will develop, it is the only way.”
In this new initiative that intends to help the youth invest and innovate ways out of abject poverty, the minister noted, that it the money buying ideas and not the ideas doing the opposite.
The Rwandan government will support the fund with 30% capital and the 70% from private sector partners but the minister added they wouldn’t have to wait for the hundred million francs.
He was speaking at the ongoing Youth dialogue under the Africa Smart City Agenda designed to improve innovation among the continent’s youthful populations many of which are still pondering amid poverty, illiteracy and unemployment.
At the same meeting, ICT 4D consultant and activist, Geraldine de Bastion, urged the ministry of youths and ICT, youth and private sector to build products tailored to needs and local economies.
She said that models of investment must be moved from centralized, monopolistic to cooperative platforms owned by the users comprising common space and moments, “that is what tech hubs offer to communities today.”