A $1B REVOLVING fund for rural enterprise development formed the largest slice of a $2.2B budget approved for the Ministry of Tourism Industry and Commerce by the National Assembly on Wednesday night last.Sucessfully piloting the passage of the Ministry’s Budget proposals for 2014, Minister Irfaan Ali disclosed that persons in hinterland and rural communities mapped as economically depressed will be the main beneficiaries of the fund which will be managed by a Board of Governors.
Both communities and individuals will have access to the fund to embark on economic activities such community tourism projects and small agro processing operations such as peanut butter processing, packaging of pepper sauce and small and medium sized poultry farms.
He disclosed that there will be a cut-off point of $700,000 for loans to individuals but the ceiling for loans to community groups will be higher, depending on the number of persons in the group.
He said that over three thousand jobs will be created and the loans received will not attract any interest on repayments since it is a revolving fund.
Following questions by Opposition members of Parliament, he disclosed that the Board managing the $1B fund will be required to submit regular reports to the National Assembly on the progress of the project, including all aspects of its implementation and the identity of its beneficiaries.
He also said that the widest possible range of media will be utilised to ensure that all interested persons and communities are aware of the criteria for access to the fund and the modus operandi to be followed to benefit from it.
Provision for three new industrial estates and support for a competitiveness programme for improved and enhanced business climate were two major parts of the MTIC budget attracting costs of $200M each.
Minister Ali disclosed that the ministry will spearhead the development of new industrial sites at Eccles, Region 4 (Demerara/Mahaica), Belvedere, Region 6 (East Berbice/Corentyne) and Lethem, Region 9 (Upper Takutu/Upper Essequibo) as well as the digitisation of immovable property records at the deeds registry, so that transactions relating to acquisition of property by investors can be fast-tracked.
He also secured from the National Assembly funding for a Competition and Consumer Protection Commission amounting to $43M.
By Clifford Stanley