The Memorandum of Understanding (MoU) between the Micro Finance and Small Loans Centre (MASLOC) and the Association of Small Industries (ASSI) will serve as the framework for MASLOC's assistance to ASSI.
Through the agreement, ASSI's members will have access to digital credit facilities offered by MASLOC.
Beneficiaries from ASSI will help the microfinance and small loan centres increase loan recovery since they are a recognised and reliable group.
Additionally, this partnership aims to maximise each party's capacity for observing and assessing the condition of the credit facilities that will be made available after the contract's execution.
With this new partnership with ASSI, MASLOC—the supreme organisation in charge of carrying out the government's microfinance initiatives aimed at reducing poverty—will work with other development financial institutions to advance the micro- and small-scale industry sector.
The MOU will bolster efforts on the side of both parties to make the most of the collaboration in order to support its member associations in areas including funding, capacity building, and skill development to promote their business growth.
The effective execution of this agreement would help represent the great mutual ties between ASSI and MASLOC, according to Hajia Abibata Shanni Mahama Zakariah, CEO of MASLOC, who was speaking on the sidelines of the signing of the Memorandum of Understanding.
She stated that the organisation is prepared to continue supporting ASSI and several other organisations with similar goals.
This deal follows the successful completion of the Post-COVID-19 Development and Productivity Enhancement Project (PSDPEP), which received funding of $31.34 and will result in the creation of 4,800 direct jobs and 20,000 indirect jobs.
The five-year agreement between the government and the African Development Bank (AfDB) is anticipated to support the recovery of livelihoods, income, employment opportunities, and the growth of the private sector in Ghana after the COVID-19 epidemic.
The particular objectives of the project include promoting technical and entrepreneurial skills among young people and women to support job creation and assisting in the development of health-related skills in higher education for the betterment of Ghana's healthcare delivery system.
In order for youth and women to recover from socioeconomic shocks or the effects of the COVID-19 pandemic on people, households, and businesses, especially those operating as MSMEs that were directly affected by the pandemic, a component of the project that will focus on rebuilding youth and women's livelihoods through entrepreneurship and employment creation will provide sources of income.
The component will also include the building of up to four climate-resilient technical skills development centres as well as the delivery of technical and climate-smart skills training for women, youths, and other vulnerable groups in priority training areas like agro-industries, construction skills like tiling, welding, plumbing, and plaster of Paris, tourism, creative arts, hospital catering, and digital skills.
blogpay
Total Comments: 0