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An estimated 100 thousand youths will be expected to benefit from the establishment of the proposed National Youth Empowerment Fund (NYEF) to provide affordable and appropriate financial services, business development services (BDS), and strategic partnerships, according to the Minister of Youth Affairs.
Mohamed Orman Bangura announced during a stakeholder engagement meeting at the Radisson Blu Mammy Yoko Hotel in Freetown on Wednesday that the Ministry of Youth Affairs will establish the National Youth Empowerment Fund as part of government efforts to promote youth entrepreneurship, employment, and empowerment in the country by 2025.
The NYEF will comprise two main components- access to financial services, and business development services, and will comprise contributions from the national treasury, statutory bodies, development partners, and international organizations, the Minister said.
The NYEF will be expected to create a revolving fund of SLL250 billion for the access to finance component; provide financial services and BDS to youth-owned and youth-focused enterprises; provide grants to BDS to providers to provide entrepreneurship, technical, and life training skills; and facilitate marketing of products and services of youth-owned enterprises in both domestic and international markets.
The National Youth Empowerment Fund will be composed of Ministries such as Youth Affairs, Social Security, Social Welfare, the Bank of Sierra Leone, CSOs, and the National Youth Council.
They will be responsible for approving loans to FSPs, grants to BDS providers, and developing investment strategy and risk management network among many others.
