Over 600 young people connect with President Ndayishimiye in a two days national retreat on entrepreneurship
RegionWeek Newsletter Vol III, Issue #139 | Tuesday, October 26, 2020
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Over 600 young people connect with President Ndayishimiye in a two days national retreat on linking academic training and entrepreneurship.
Burundi President Evariste Ndayishimiye joined this Tuesday, in Bujumbura city, over 600 young and post-graduate degrees holders in a two days national retreat designed to impulse youth entrepreneurship. The event under the theme “ educated youth, the pioneers of sustainable development” saw the participation of the members of the government, diplomats, and young successful entrepreneurs, .
Educated young people should not be Jobseekers rather Job givers
President Ndayishimiye asked young participants to contribute to the increase in production for the satisfaction of the Burundian population who has contributed to their intellectual success.
“With the youth, we must use our capacities to profit from the natural resources which enrich our country ."
The Head of State deplored the habit of some of the beneficiaries of state scholarships who stay abroad after their studies in the service of developed countries (brain drain) instead of returning to their homeland to develop it.
Young graduates must take the lead in the planning and design of income-generating projects, that they are not job seekers but the givers of it according to President Ndayishimiye.
He invited young people to be leaders in development, to join groups of solidarity in order to create businesses where other young people will find work.
Panel discussions
Panelists, assessing the situation of Youth Entrepreneurship in Burundi mentioned that over 90% of young people are unemployed after graduating. Some move towards entrepreneurship but they ventures rarely take-off due to the lack of entrepreneurial know-how.
Young people were urged to explore opportunities in rural areas, an emphasis was made on the importance of promoting agricultural productivity to achieve sustainable development. The discussion went beyond topics such as strategies to access financing and alternatives available to secure start-up capital.
Youth Entrepreneurship success stories in food processing, energy, technology were shared to inspire participants on how they can handle the challenges they face.
In the past, It was noted that the lack of start-up funds is one of the most common problems cited by young people looking to start a business. Between the knowledge and skills acquired by the young entrepreneur and the complex world of start-up financing, which requires great familiarity with finance, the gap is sometimes very wide.
Due to a lack of equity, a history as a borrower, collateral, or sufficient collateral to obtain loans or lines of credit, businesses started by young people are often considered particularly risky investments, hence the difficulty obtain financing.
The “Impulse, Guarantee and Support” Fund (FIGA)
President Ndayishimiye called young people to set up growth-promoting projects eligible for funding from funds allocated to them via the Youth Investment Bank BIJE with the support of the FIGA guarantee and support impulse fund
"We have Bif 40 billion and we will share it with the youth of Burundi.” - , President Evariste Ndayishimiye
The “FIGA” Fund, established in 2015 by late President Pierre Nkurunziza, it aims to improve access to financing and the development of small and medium companies. The Fund work to build the financial capacity and managerial skills of entrepreneurs by setting up appropriate mechanisms for strengthening equity, guarantees, and support services for investors.
Bottom line
Entrepreneurship must be seen in a broader perspective, which goes beyond the traditional view of the entrepreneur who creates and develops his business for the sole purpose of making profits. All initiatives must indeed consider the spirit of inventiveness, creativity, and innovation that it also conceals. Young people are thirsty for knowledge and have the creativity that should not be lost. They find innovative solutions and should be encouraged to participate in the problem-solving of Burundi.
Thanks for reading
Fabrice Iranzi, RegionWeek.com
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