A few days ago, a fund of 200 billion ariary was mentioned by the Malagasy government for young entrepreneurs. In a press release, it was mentioned that quick and sustainable solutions are needed. This fund should help young people to realize their business ideas and boost the country’s economic development.
A financial boost to encourage young entrepreneurs
Last Wednesday, the Malagasy government announced that a 200 billion ariary fund would be set up to help young people. Faced with the social difficulties that the latter encounter, this approach should enable young entrepreneurs to realize their projects. Moreover, quick solutions should be found to boost the economic development of the Big Island.
400,000 to 500,000 young people on the labour market
With 70% of the unemployed in Madagascar being young people, it seems urgent to put in place sustainable and rapid solutions. Indeed, of the 400,000 to 500,000 young people who enter the labour market, very few manage to find a job. Their professional integration is unfortunately made difficult by the political and economic situation of the country. The National Program of Entrepreneurship, called “Fihariana”, was thus created to remedy this.
Accompaniment, supervision and training of young entrepreneurs
In addition to the 200 billion ariary financing fund, the future entrepreneurs will benefit from a complete plan. Indeed, the accompaniment, the supervision and the training of young entrepreneurs will also be ensured. Concerning the financial partners, we find companies such as the Société Nationale de Participations (SONAPAR). Banks and microfinance institutions will also be asked to provide young project promoters with repayable loans at subsidized rates and leases.
All wealth-creating activities are concerned
In addition, this programme will also finance activities in the agriculture, livestock, craft and small industry sectors. All other wealth-creating activities throughout Madagascar are also concerned. However, certain criteria must be met. The projects presented must, among other things: be income-generating, ensure the creation of a formal business, create jobs, be subject to tax obligations and participate in the reduction of the rural exodus.
Programme for the advancement of youth and women
The programme is also part of the implementation of the General State Policy. This is done through the creation of decent jobs, the promotion of women and youth, and the emergence of small-scale industries. The structure that will be responsible for implementing the project will be created at a later date by regulation.
As a reminder, the goal of the contest is to promote the entrepreneurial culture in Madagascar. It also aims to provide technical and financial support to entrepreneurs and developing companies.
Through this project, the objective is to promote the qualities that are essential for any entrepreneur:
- the initiative
The winners of the Fihariana Contest will receive financial support and technical assistance exclusively for the creation and all activities related to the development of their project and their company.
Image credit: Madagascar Tribune