Reprinted from Caribbean Net News
caribbeannetnews.com

Dominica PM pledges EC$2m for Dominica Youth Business Trust
07-27-2006

ROSEAU, Dominica: In keeping with its commitment to boost entrepreneurial activity among the youth of Dominica, the Government of Dominica has indicated its intention to make available EC$2 million dollars to the Dominica Youth Business Trust (DYBT) in the course of the 2006/2007 fiscal year. Some of that amount is expected to go towards the Loan Guarantee Fund of the DYBT.

Prime Minister Roosevelt Skerrit said: “An amount of $2 million will be channelled to the Youth Business Trust (YBT) for administration and management of the funds.

“This amount will be allocated to training and skills development as well as to allow for an increase in the guarantee fund. The latter we hope will assist more young persons to access funding for setting up small businesses.”

This commitment was given by Skerrit, when he presented the 2006 Financial Statement and Budgetary Proposals to Parliament on Tuesday, July 11, 2006.

This new commitment from the Prime Minister is on top of the amount of $100,000 that the Government of Dominica made available to the DYBT in 2003.

The Dominica Youth Business Trust is a collaborative undertaking of the Government of Dominica and the Commonwealth Youth Programme-Caribbean Centre. It is adapted from the Commonwealth Youth Credit Initiative (CYCI) model of the Commonwealth Youth Programme.

A Loan Guarantee Fund has been established to facilitate your entrepreneurs in accessing loans for micro enterprise development. A memorandum of Agreement was signed on March 16, 2005 between the Dominica Youth Business Trust and the National Development Foundation of Dominica, the Agricultural Industrial and Development Bank of Dominica and all the Cooperative Credit Unions.

Since the Trust was launched in 2004, eighty-nine young persons between the ages of 18-35, have graduated, having benefited from training courses in a number of areas, including: Small Business Management; Achievement Motivation and Financial Management. The Programme comprises a component of Personal Development, Small Business Development and Business Mentorship.

The Mission of the Dominica Youth Business Trust is: Empowering Dominican youth in realising their entrepreneurial potential.