LSETF seals N20 million pact with lawmaker on women empowerment

THE Lagos State Employment Trust Fund (LSETF) has signed a partnership agreement with Wale Raji Women Empowerment Scheme (WRWES), a brainchild of representative of Epe Constituency in the House of Representatives, Wale Raji, to provide loans to Micro, Small and Medium Enterprises (MSMES) in the state.

Under the arrangement, the lawmaker would provide N10 million, while the LSETF would provide coun- terpart funding of N10 million for the Scheme.

Besides, Raji would provide the five per cent annual interest rate originally meant to be paid the on loans to ease the burden on the beneficiaries.

Under the pact, women business owners and promoters, within Epe constituency would get interest free loans from the LSETF to invest in their businesses.

The LSETF would act as the administrator of the scheme while the Ibile Microfinance Bank would be the custodian of the funds.

Speaking while signing the Memorandum of Understanding (MOU) in Lagos, Executive Secretary of LSETF, Akintunde Oyebode, said the project was a step in the right direction as it answers the LSETF’S call for funding partnership from individuals, private organisations, donor agencies and not-for-profit organisations for its programmes aimed at reducing unemployment.

Oyebode said it would boost small and medium businesses capacity through access to affordable financing and providing training for the unemployed.