Ekandjo calls on youth to pay back Credit Scheme loans

16 Jul 2014 18:50pm
WINDHOEK, 16 JUL (NAMPA) - The Minister of Youth, National Service, Sports and Culture (MYNSSC) has called on young people who benefit from the Namibia Youth Credit Scheme, to pay back the loans they obtained.
Jerry Ekandjo made the call here on Wednesday during the handing over of loans to the Credit Scheme’s implementing agencies.
The minister said it is important that those who benefit from the scheme pay back the loans, so that others can also benefit from it.
He encouraged the beneficiaries of the scheme to instill within themselves a sense of financial discipline, and make sure that the loans they receive from the scheme are used for business purposes only.
The Namibia Youth Credit Scheme is a programme of the MYNSSC, which started in 2005 with a pilot phase which ran for two years from 2005 to 2007.
Ekandjo said the evaluation report on the pilot phase recommended for the scheme to replicated throughout the country.
The programme is now in all 14 regions of the country and all constituencies. It integrates basic business management training; monitoring and evaluation; as well as after-care services such as mentoring for the youth.
The scheme started with only 600 young people during the pilot phase in the Oshana, Oshikoto, Omusati and Ohangwena regions, and more than 6 500 young people have now received training in basic business management, while 4 690 from those have already received loans to create their businesses.
Loans under the credit scheme range from N.dollars 2 000 to N.dollars 20 000, and the repayment thereof is based on the loan amount received.
Five implementing agencies received cheques with different amounts during the handing-over ceremony.
These are the Namibia Rural Development Project (NRDP) which received N.dollars 1 555 477 000; Training and Monitoring Unit Namibia (TMUN) - N.dollars 1 523 000; Caprivi Training and Monitoring Unit – N.dollars 637 000; Namibia Credit Agency - N.dollars 390 000; Namibia First luxury Cooperation - N.dollars N.dollars 195 900.
These agencies will facilitate the loans to the youth.
A TMUN official, Elizabeth Amutenya told Nampa at the end of the ceremony that she is grateful for what the government is doing for the Namibian youth.
She said young people are very interested in the programme and are making use of it extensively.