The money will be disbursed in the National Employment Program ‘Kora Wigiri’ which intends to also sensitize youths and women to invest in their own abilities.
The funds are to be injected in up to 3000 start-up projects for this but will continue in the next years possibly with an increment in amount and number of ventures.
Beneficiaries can also seek loans in the Business Development Fund (BDF) depending the intents of their proposals they are allowed tools if need be varied between 20 and 50% of the project capital needed. Government complements such projects through the Credit and Savings Cooperatives, SACCOs of the remaining capital needs with an interest rate of 4%.
BDF chief executive, Innocent Bulindi, says that funds boasts more than 90% of projects now funded but new ones need to write their proposals more appropriately.
“We want financial institutions to help us also fund people living with disabilities, street vendors, fresh and Iwawa graduates. The funding should also be fast,” Bulindi said.
Kora Wigiri or work to sustain yourself has from 2014 inauguration collaborated with the Swedish government to use Rwf9billion in creation of more than 80000 jobs reducing a percentage of the 2% unemployment reduction target.
“We are taking campaign across the country to mobilize people on the benefits of the funding,” Minister of Public Service and Labour Judith Uwizeye said there eighteen stakeholders interested in the funding project awareness campaign that will last for a month.
The two officials urged women and youth to join the Technical, Vocation and Education Training (TVAT) to impart skills that turn them into entrepreneurs capable of benefiting from such funding projects.
In 2015 unemployment rate among youth between 16 and 30 years was at 3.3%, higher in urban areas at 12 % whose 13.5% unemployed were university graduates, a trend hinders targets set in EDPRS 11 and vision 2020.