PHOTO: Augustine Kpehe Ngafuan, Minister of Finance and Development Planning
By Aruna Goepogui
The Liberian government is expected to create about 120,000 jobs for young Liberians through the Youth Entrepreneurship and Investment Bank -YEIB program across the country.
Speaking on state radio, ELBC, Finance and Development Planning Minister Augustine Kpehe Ngafuan said the YEIB initiative is designed to provide capital, training and guarantees to approximately 37,000 youth-led businesses nationwide, with the program expected to commence shortly.
Ngafuan disclosed that YEIB has already announced an application process on Facebook targeting the first 50 youth-owned businesses operated by Liberians between the ages of 18 and 35, urging young people to take advantage of the opportunity and participate in the program.
According to him, eligible young entrepreneurs could receive financing of up to US$20,000 to strengthen and expand their businesses. He clarified, however, that the funds should not be viewed as free money, noting that the program is structured to provide financing at relatively low risk to young entrepreneurs.
Minister Ngafuan said the initiative is part of the government’s broader effort to empower young Liberians, promote entrepreneurship and create sustainable employment opportunities through investment in youth-led enterprises.
Meanwhile, the Finance Minister has acknowledged growing public concern over the country’s exchange rate, assuring Liberians that the government is closely monitoring the situation and taking measures to maintain stability in the foreign exchange market.
Minister Ngafuan said the government is working behind the scenes and making policy decisions aimed at keeping the exchange rate in equilibrium and preventing developments in the market from placing additional pressure on citizens and businesses.