The Minister for Grassroots Development, Crafts, Youth and Youth Employment has signed a framework partnership agreement with the Union Togolaise de Banque (UTB) and Orabank.
This agreement marks the official starting point of a new collaboration between the Fonds d'Appui aux Initiatives Economiques des Jeunes or 'FAIEJ' (Youth Economic Initiatives Support Fund), the UTB and Orabank, with the aim of financing business projects proposed by young people who receive technical support from the Fund.
The document sets out the purpose of the partnership, the areas of collaboration (which focus primarily on putting in place a 'Young Entrepreneur' loan with a 4.5% interest rate), the principles of the agreement and its duration.
In total, 400 young business project managers will benefit from Young Entrepreneur loans provided by Orabank and the UTB worth a total of 600,000,000 CFA francs. Now that this framework partnership agreement is in place, the FAIEJ and the two banks will sign another agreement relating specifically to the implementation of the Young Entrepreneur loan.
The partners also agreed to organise a mini trade fair showcasing the products made by the businesses set up by these young entrepreneurs and to open bank accounts for young people who could benefit from this partnership agreement in the future.