Society

Yaounde: Youth affairs ministry, BGFI bank partner to empower youth entrepreneurs.

L-R Mounouna Foutsou, Abakal Mahamat pose with signed agreement

A partnership has been signed between the Ministry of Youth Affairs and Civic Education, MINJEC, and BGFI Bank S.A of Cameroon, to support and finance projects for the socio-economic integration of young persons.
The agreement, which was signed recently in Yaounde, together with an implementation manual, is part of the government’s project dubbed FOGAJEUNE, to support young entrepreneurs.

According to the Managing Director of BGFI Bank Cameroon, Abakal Mahamat, this move is part of the bank’s overall strategy to promote entrepreneurship and support the development of young businesses in the country.

“We encourage the development of entrepreneurship, because this field is proof enough that we are brimming with diverse talents just waiting to blossom. Since last year, BGFI Bank Cameroon has undertaken to contribute to the development of women’s entrepreneurship, by supporting projects in various fields: cosmetics, agri-food, to name a few,” Mahamat stated.

He added that the bank’s support extends beyond financing and project set-up, right up to implementation and follow up.

The Minister of Youth and Civic Education, Mounouna Foutsou, for his part, assured the bank that his ministry will spare no effort in bringing this far-reaching partnership to fruition, and will be made available to as many youth as possible.

He added that the agreement creates two key schemes through which young entrepreneurs will be supported; The ‘National Youth Guarantee’ and the ‘Diaspora Youth Guarantee’.

According to the implementation manual, MINJEC will select the youth owned businesses to be financed and communicate to BGFI Bank the lists of businesses selected.

The manual further provides that the National Youth Guarantee offers financing to young people under the conditions of the three-year Special Youth Plan, with amounts of up to 25 million FCFA, while the Diaspora Youth Guarantee offers amounts reaching 100 million FCFA, to young Cameroonians who have been in business for at least three years, as well as those from the diaspora in joint ventures with nationals living in the country.

About FOGAJEUNE

FOGAJEUNE is a youth project financing scheme set up by the government as a strategic and concrete response to support youth entrepreneurship in the country.

It acts as a facilitator, offering the necessary guarantee to raise capital on the financial markets and obtain financing from traditional banks, by mitigating the risks associated with bank credit, enabling financial institutions to feel more confident in granting loans to young entrepreneurs.