Youth Empowerment Foundation partners with Nationwide Microbank Limited

The Youth Empowerment Foundation (YEF) PNG is a non – government organization committed to assisting combat social issues in the country. Since its inception in 2005, YEF through its social efforts, partnered with 10 schools in NCD working with them through programs such as the HIV Aids Peer Education Program. Schools that have benefited from this program and other programs run by YEF includes Port Moresby National High School and De La Salle Secondary School.

YEF has since partnered with many organizations such as European Union under its EU Sexual Health Program, World Bank with the Tingim Youth Competition, the Canadian Fund for Global Initiative (Canadian Aid).

YEF signed a Credit Guarantee Scheme Agreement with Nationwide Microbank LTD today at its head office in Port Moresby.

The agreement between YEF and MiBank recognize the small businesses in Papua New Guinea that should have adequate access to credit, enabling them to play a more active role in SME development.

Speaking at the MOU Signing, the Nationwide Microbank LTD Chief Executive Officer, Mr. Trudi Egi said “MiBank is pleased to partner with YEF to provide appropriate and easily accessible credit to start or improve existing small income generating business enterprises.”

He added that through this partnership, “we are prepared to consider the provision of loan facilities to borrowers and members of YEF who are unable to provide security of a type or in an amount which other bank & financial institutions would otherwise require”.

 

The Youth Empowerment Foundation has deposited K500, 000 as security with MiBank for the duration of the Credit Guarantee Scheme in which the bank will advance its own funds to provide credit facilities to YEF members. This credit guarantee scheme is aimed at assisting the small businessmen and businesswomen who are looking to participate in small-scale commercial and agricultural activities.

President of Youth Empowerment Foundation (YEF) Mr. Robert Yori Thomas emphasized, “that in order to reduce social issues in the community, we need to empower our people, our youths. He added that many youths and their biggest supporters, mothers in NCD and around the country are looking to pursue small business enterprise however because of lack of knowledge, experience and more importantly without a capital, they are unable to fulfill their dreams.”

Mr. Thomas added that “YEF is grateful for this partnership with MiBank and we are looking forward to working with the bank to provide financial assistance to our members.”

Thomas concluded by saying that, “YEF has certified trainers who have received accreditation from Centre for Excellence in Financial Inclusion, who will be providing training to its members on Financial Literacy so they can manage their finance for their small enterprises.”

End.