Print Edition - 2015-05-17 | MONEY
Quake affects 2k entrepreneurs
- Self-employment scheme
May 16, 2015-
Youth and Small Entrepreneurs Self Employment Fund (YSESEF) has said the recent earthquakes have affected projects started by about 2,000 entrepreneurs under the government’s Youth Self-Employment Programme.
There are 8,000 youths self-employed under the programme in 13 quake-hit districts, according to the YSESEF. With around 25,000 individuals under the programme nationwide, around one-third are from quake-hit districts. Five of them lost their lives, according to the YSESEF.
There has been an investment of Rs730 million in the 13 quake-affected districts, including Sindhupalchok, Rasuwa and Dolakha through 128 cooperatives. “Of the amount, Rs110 million has gone to projects that were damaged by the recent quakes as per the initial estimate,” said Binod Kumar Guragain, executive director of YSESEF.
He, however, said the recovery of the loans won’t be difficult as all the loans have been insured. He said the YSESEF was ready to support the quake-hit entrepreneurs to revive their businesses by extending the loan repayment deadline and other facilitation measures. “Once we get the details of the damages, we will take appropriate decision,” said Guragain.
The quake particularly hit the livestock businesses such as cow, buffalo and goat rearing. Those who had opened retail shops, also faced damages. Guragain said the cooperatives through which the loans went to the entrepreneurs also faced damages. Commercial banks such as Agriculture Development Bank, Rastriya Banijya Bank and Nepal Bank, among others, have also lent under the programme.
According to the YSESEF, there has been an investment of Rs3.24 billion under the programme in 73 districts. It claimed 95 percent of the loans are being serviced.
The Youth Self-Employment Programme was launched in 2008 by then Maoist led-government to provide self-employment to the youths, but desired employment creation has not happened yet.
Published: 17-05-2015 08:44