The New Times
Eddie Mukaaya
Published: December 24, 2008
Kigali — The Rwanda Private Sector Federation (PSF) is targeting over 100 winners in next year's Business Plan Competition (BPC) in a concerted bid to boost their business competitiveness. This was revealed during the just concluded BPC for the year 2007-2008.
Antoine Rutayisire Manzi, the federation's Director of Entrepreneurship and Business Growth said that out of the targeted number of at least 150 entrepreneurs who will benefit from training and related components,100 of these are slated to win each year.
Manzi explained that this upscale program has been backed by the positive impact registered out of the pioneering edition of the competition.
'The program beneficiaries have created employment and revenues to government treasury, which all contributes to the country's economic development', he added.
Statistics related to the previous 30 winners in the last two contest shows that 17 projects developed became operational which provided about 250 jobs while paying taxes to the treasury.
Manzi said that this was proof enough that the program was in tandem with efforts geared at developing a culture of entrepreneurship as the country marches towards achieving the Vision 2020.
He however cautioned that the programme will only be made sustainably successful with the support of stakeholders, since the World Bank (WB) support programme has come to an end.
The Permanent Secretary in the Ministry of Trade and Industry Antoine Ruvebana, expressed the government's support for the programme since it is aimed at developing the private sector through capacity building while at the same time providing access to finance as well as developing the entrepreneur's business acumen.
He added, 'In this way, we will move closer to our goal of ensuring that the private sector is strong enough to fight poverty, eliminate unemployment and be the driving force of our economy'.
Ruvebana was the guest of honour representing the Minister of Trade and Industry, Monique Nsanzabaganwa.
Since the its inception, the BPC has been slated as one of the Private Sector Federation's key projects. The programme has been under the support of World Bank through its Competitiveness and Enterprise Development Project (CEDP), with additional assistance coming from the government.
It mainly targets the youth and fresh graduates to address the unemployment problem and alleviate poverty in Rwanda. According to PSF officials, the programme embraces development oriented enterprises with potential of creating a positive impact on employment and income generating activities.
Initiated in 2004, the programme has seen 100 young entrepreneurs awarded capital and technical assistance for the purposes of building their businesses. This year saw 50 winners awarded up from the 30 awarded the previous years.
A guarantee fund worth US$500,000 (Rwf275.6m) was awarded to the winners. This follows the increase of funding by the World Bank from US$200,000 to US$500,000.
According to PSF, funds are provided only to the most viable entrepreneurial project proposals selected after a rigorous evaluation by Rwanda Development Bank (BRD), which also administers the funds.
The programme objective is aimed at providing capital to young and upcoming entrepreneurs with innovative and profitable business ideas.
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