Dreams come true for young entrepreneurs
Twenty-eight regional youth enterprises received a hearty N$8 million in loan funding from the Development Bank of Namibia (DBN) yesterday. The funding forms part of the bank's '121 youth enterprises project', which aims to support a further 98 young entrepreneurs who require loan funding.
While highlighting the importance of projects that alleviate poverty eradication, Prime Minister Saara Kuugongelwa-Amadhila said the project falls under the government's direct commitment to assist unemployed youth.
"This is part of the realisation the government came to under the first Harambee Prosperity Plan, to develop 121 youth enterprises in every constituency of our country," she said.
Unemployment worries
In 2021, economists found that the unemployment rate among Namibian youth is projected to trend at around 49% in 2022 and 47.4% in 2023.
Against this background, Kuugongelwa-Amadhila said all relevant training has been done and the enterprises have all been registered with the Business and Intellectually Property Authority, the Namibia Revenue Agency, the Social Security Commission and the Employment Equity Commission.
She urged corporates to make use of the local products that will be manufactured through these enterprises.
"All of these projects underwent quality control, so that they meet a certain standard. Once this standard has been reached, we should make a collective effort to source locally.
“Anyone who is not sourcing locally should be reported to me," the prime minister joked.
Dreams come true
Ester Daniel (36), from the Oranjemund constituency, says this is a dream come true for her and her partners.
Daniel, along with her business partners, started Oranjemund Youth Manufacturing, which makes a variety of cleaning products.
"Our product is on the market already, but this project just brought us one step closer to our dreams. We make everything from pine gel to jik," the happy beneficiary said.
She said the support will not only help their business to expand, but will allow them the freedom to be more creative with their products.
The project's goal is to identify another 93 enterprises for funding to help reduce the unemployment rate.
While highlighting the importance of projects that alleviate poverty eradication, Prime Minister Saara Kuugongelwa-Amadhila said the project falls under the government's direct commitment to assist unemployed youth.
"This is part of the realisation the government came to under the first Harambee Prosperity Plan, to develop 121 youth enterprises in every constituency of our country," she said.
Unemployment worries
In 2021, economists found that the unemployment rate among Namibian youth is projected to trend at around 49% in 2022 and 47.4% in 2023.
Against this background, Kuugongelwa-Amadhila said all relevant training has been done and the enterprises have all been registered with the Business and Intellectually Property Authority, the Namibia Revenue Agency, the Social Security Commission and the Employment Equity Commission.
She urged corporates to make use of the local products that will be manufactured through these enterprises.
"All of these projects underwent quality control, so that they meet a certain standard. Once this standard has been reached, we should make a collective effort to source locally.
“Anyone who is not sourcing locally should be reported to me," the prime minister joked.
Dreams come true
Ester Daniel (36), from the Oranjemund constituency, says this is a dream come true for her and her partners.
Daniel, along with her business partners, started Oranjemund Youth Manufacturing, which makes a variety of cleaning products.
"Our product is on the market already, but this project just brought us one step closer to our dreams. We make everything from pine gel to jik," the happy beneficiary said.
She said the support will not only help their business to expand, but will allow them the freedom to be more creative with their products.
The project's goal is to identify another 93 enterprises for funding to help reduce the unemployment rate.
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