Support to Young Entrepreneurs : Gov’t Targets 90,000 Grantees - Site Web Officiel du Journal L'Action

The Minister Delegate to the Minister of Economy, Planning, and Regional Development, Paul Tasong, has officially launched the online registration process.

Launched on July 18 in Yaounde, the project is named Youth Economic Inclusion (IEJ) and Business Plan Competition (CPA) programs. Both government-initiatives are part of the Adaptive Social Safety Nets and Economic Inclusion Project (PFS-AIE), partly funded with a World Bank loan.The IEJ is for youth between the ages 18 to 35 and would give opportunities to young people in urban areas without skills. According to Zachée Robert Théophile Benga, Secretary General of the Ministry of Youth and Civic Education, the project targets 85,000 young people across 33 council areas. The World Bank loan will fund 65,000 beneficiaries, and 20,000 by the government in the five-year program. Participants will receive training in life skills and basic management to develop income-generating activities, officials of the Youth Ministry said. Selected candidates will each receive grants of FCFA 275,000, disbursed in two installments. FCFA 175,000 are the start, followed by CFA100,000. The registration process is online, followed by biometric verification to ensure effective field monitoring. Local NGOs will be involved in the process for a period of over 12 months.At the launch Paul Tasong said that the PFS-AIE project benefits from a World Bank loan of FCFA 92.752 billion for 217,500 beneficiary households from 2023 to 2028, and state funding of FCFA54 billion for 138,500 beneficiary households from 2023 to 2025, totalling CFA146.752 billion, Business in Cameroon said citing the Minister. “The project will thus benefit 356,000 households receiving transfers or financial support in 180 municipalities across all regions and in the cities of Douala and Yaounde,” he said. For the World Bank, the initiative will establish a a social safety net in Cameroon, contribute to poverty reduction and promoting economic inclusion by supporting young entrepreneurs.

Jude VIBAN