By Alpha Abu
People involved in small businesses have started receiving cash and cheques from the MUNAFA Fund that is managed by the Small and Medium Enterprises Development Agency (SMEDA). The issuing out of the funds started last Thursday 25 March 2021 and continued over the weekend in all the sixteen districts of the country. Two hundred people have so far received five and ten million leones each in the initial presentations that were done in the different towns and cities.
The Chief Executive Officer of SMEDA Shiaka Sannoh led a team that made cash presentations to beneficiaries in Kono, Bombali and Tonkolili districts. He also did the same in the districts of Koinadugu, Falaba and Karene.
In all the places covered, Sannoh spoke about the realisation of the promise President Julius Maada Bio made in his campaign manifesto to improve livelihoods and support the growth of small businesses. He advised the traders to judiciously invest the money into businesses that will give the expected benefits. He warned against payment- default by traders as the Financial Service Providers (FSPs) charged with responsibility of supervising the loan scheme will ensure compliance. The CEO said productive and well- behaved recipients are likely to receive increased amount of money at the end of the first cycle which is twelve months. Each beneficiary will have to pay a 9% interest of which 6% will go to the FSPs and 3% to the central bank.
Trade Minister Dr. Edward Hingha Sandy conducted the symbolic cash presentation as well in Bo, Pujehun, Moyamba and Bonthe. Deputy Trade Minister Abraham Sesay Jones undertook a similar exercise in Western Rural and Urban. The Permanent Secretary in the Ministry of Trade, Agustine Sheku went to Kenema and Kailahun ,whilst his deputy was in Port Loko and Kambia. Some 26 billion Leones has be reserved for this first phase of the MUNAFA fund.
The recipients in the different areas all thanked President Julius Maada Bio for providing the Funds and promised to honour all commitments related to the scheme.
Copyright © 2021 Politico Online {30/03/21)
