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'Self-employment is focused on developing entrepreneurship and resource mobilisation'

Ran Bahadur Shrestha, Managing Director, Youth and Small Enterprises Self-Employment Fund, on Monday informed that developing entrepreneurship and mobilising local resources are among the prime objectives of Youth and Small Enterprises Self-Employment Pogramme.

Shrestha said this while presenting his paper on the Programme during a brainstorming meeting on "Protecting and Promoting Jobs in Nepal" held by the World Bank in the capital.

Stating that out of total of 546,409 applicants, 201,943 are skilled and the remaining 344,466 lack skills, Shrestha also said that interest rate for loans taken under the programme for agro-based ventures stands at 10 percent whereas the same for other categories is fixed at 12 percent.

As per the Youth and Small Enterprises Self-Employment Programme brought by the government, prospective youths and entrepreneurs can borrow up to Rs. 200,000 to start any venture without collateral.

He also revealed that 60 percent of the interest on the loan will also be paid back to the person as rebate in case the installments are paid on time.

According to Shrestha, the project and the borrower related to the programme is insured till loan period and premium of insurance will be paid by Ministry of Finance.

A pool of some 25 insurance companies will be involved in providing life insurance facility to the borrowers.

"While sanction loans, we will give more priority to those projects proposed by oppressed, ethnic groups, conflict victims and women. Similarly, the projects related to the campaign of One Region, One Product will also get priority," stated Shrestha.

He also said that the government has managed some Rs 420 million to conduct the program, the total estimated cost of which amounts to Rs 500 million. nepalnews.com nd Apr 13 09