Minister Mounouna Foutsou has taken part in a double signing ceremony of partnership agreements with Financial Institutions, and Installation of those responsible for the Project to implement the Guarantee Fund for Young Entrepreneurs (FOGAJEUNE).
This took place Wednesday, October 18th 2023 at the auditorium of Hotel Franco in Yaounde in the prescence of the Governor's representative Centre Region, the Secretary General of the Ministry of Small and Medium Size Enterprises, Social Economy and crafts, including other partner public relations.
Signing session of the Partnership Agreement with financial partners. The partner financial institutions and signatories of today's partnership agreement which include;
-CCEC s.a
-People Finance s.a
-Crédit du Sahel s.a
-NFC. her
As a reminder, this partnership agreement signed today relates to support and financing of socio-economic integration projects for young people.
The Minister, Mounouna Foutsou expressed gratitude to the public and private partner administrations present. This was preceded by a ''Minute of Civics'' on living together.
According to the Minister, the action of the ministry is responsible for financing more than 13,000 youth projects financed for an amount of more than 20 billion FCFA.
"As you know, the President of the Republic, H.E Paul Biya has resolutely committed Government to the fierce fight against youth unemployment..
As part of the actions relating to the implementation of this important Presidential Plan, the Ministry of Youth and Civic Education (MINJEC) has set up an operational tool for financing youth projects: in this case the project for the implementation of the National Youth Integration Fund (FONIJ), resulting from the former revolving fund of the Rural and Urban Youth Support Program (PAJER-U).
"The three-year youth special plan is a window already enabled for the financing of more than thirteen thousand (13,000) projects for young people, generated more than thirty-eight thousand (38,000) direct jobs, at a cost of more than FCFA 20 000,000,000 (Twenty Billion)".
In this regard, the Minister in charge of youth establishes a clear difference between the new support system and the old one in these respects:
"This FOGAJEUNE project, unlike that of FONIJ, is both an instrument for preparing young entrepreneurs to successfully conduct entrepreneurial activities, facilitating their access to credit from often reluctant financial institutions, and mobilizing permanent resources necessary for financing youth projects from the various stakeholders in the entrepreneurial ecosystem".
Considering the clause relating to the revision of the Partnership Agreement between the Ministry of Youth and Civic Education and Financial Institutions, following an express request from one or the other party and of which said revision will be the subject of an amendment, the Partnership Agreement.
It indicates that this Partnership Agreement covers the following areas of collaboration:
- the promotion of the National Civic Education Program through Moral, Civic and Entrepreneurial Rearmament (REAMORCE);
- technical and financial support for second-generation Pioneer Villages, economic Clusters and specific projects with high added value;
- raising funds;
- technical and financial support for projects for young people in the Diaspora;
- monitoring the implementation of youth projects.
As part of this Partnership Agreement, MINJEC undertakes to:
-ensure the proper management of guarantee funds deposited with the Financial Institution
- collect, mature and transmit to the Financial Institution the projects submitted by young entrepreneurs
- guarantee young people's projects with the Financial Institution
- develop digital platforms to facilitate exchanges and services for young people and partners
- provide non-financial services facilitating the success of entrepreneurs.
In order to provide an effective response to the problem of unemployment and under-employment of young Cameroonians, the President of the Republic, His Excellency Mr. Paul BIYA prescribed on February 10, 2016, the implementation of the “Special-Youth” Three-Year Plan, abbreviated PTS-Jeunes.
MINJEC initiated discussions with financial institutions, development partners, African Economic Cooperation Guarantee Experts (FAGACE) and other ministerial departments with a view to establishing a Guarantee Fund for young entrepreneurs combined with a Special Window for young people from the Diaspora specific to young entrepreneurs.
It is following this work that on February 17, 2023, the Minister of Youth and Civic Education signed relating to transfer, reorganization and operation from the Project for the implementation of the National Youth Integration Fund (FONIJ) to the Project for the implementation of the Guarantee Fund for Young Entrepreneurs (FOGAJEUNE).
This structure, which is a mechanism for the financial sustainability of the National Youth Integration Fund (FONIJ) and the PTS-Jeunes, has the mission of providing a set of financial and non-financial services to young Cameroonian entrepreneurs from the region and the Diaspora.
For the accomplishment of the missions assigned to FOGAJEUNE, the Minister of Youth and Civic Education also signed in August of the same year on August 16, 2023 designating officials within the Guarantee Fund Implementation Project for Young Entrepreneurs.