A consortium of Non Governmental Organizations (NGOs) led by World Vision Sierra Leone, Catholic Relief Services (CRS),World Hope International and BRAC Sierra Leone with funding from UK aid has commenced a one year project to rebuild Livelihoods of Ebola affected Petty Traders in Sierra Leone.
Bintu Moseray, Livelihood Adviser, World Vision Sierra Leone explained the project background and objectives, namely, project implementation strategy approaches, community mobilization, project stakeholders and their roles and responsibilities.
She disclosed that 29, 400 petty traders will be the targeted beneficiaries with a total budget of £5 million for the project provided by the Department for International Development (DIFID)
She also noted that each grant will be £.27, an equivalent of Le 200,000 and a start-up capital will be provided of $85 with 5% interest for a period of 12 months.
Financial service providers like Airtel and Splash will be used to transfer the grant through Micro finance institutions to ensure transparency and accountability.
Delivering the keynote address, during the launching of the project recently at the Hill Valley Hotel in Freetown, the Deputy Minister of Trade and Industry, Mabinty Daramy spoke about the negative impact of the Ebola Virus Disease on the economy and applauded the NGO consortium for their intervention in supporting petty traders to recover.
She pointed out that the interest rate for beneficiaries of the project is at 5% and urged partners to embrace the project for the revitalization of the economy through trade and investment.
Marlon Bockarie Conteh from the Office of the President said “we want to ensure that ebola affected petty traders recover from the post ebola loss.”
He encouraged beneficiaries of the project to make good use of the monies provided by donors and implemented by credible NGOs operating in the country.
Conteh cautioned the beneficiaries of the microcredit scheme to make good use of the monies that will be provided to them and urged them to see the money as a loan, which should not be misused.
The National Director of World Vision, Leslie Scott said the project is aimed at kick starting economic recovery; he said there will be grants provided to beneficiaries which automatically qualifies them to access loans.
Haja Bilkisu Kamara, a representative of the Sierra Leone Petty Traders Union called for the involvement of all traders across the country through a proper verification exercise so that the actual petty traders that were affected by Ebola can benefit from the project.
On behalf of local councils, the Chairman of the Bo District Council, Martin Bindi expressed delight over the actualization of the project in reactivating local businesses.
He also observed that some of the rules and regulations of benefiting from the micro credit scheme are not conducive to many traders, as many ended up defaulting in payment. He called on the consortium to take into consideration the economic status of the country and appealed for soft loan conditions to be put in place.
Monday February 08, 2016
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