An international NGO visiting Liberia, Peace Child International has disclosed that it has reached an agreement to establish a loan scheme of US$500,000 for only women empowerment in District #3, Montserrado County.
The US$500,000 loan scheme is part of an initiative earlier introduced by Rep. Bill Twehway. It may be recalled last year that Rep. Twehway disbursed the first LD$200,000 (Two hundred thousand) out of the LD$ half million set aside for market women in that district to improving their businesses.
He said at the time, the loan once taken by the market women will have no interest rate connected to it but that the women would be allowed to pay back a minimum of LD$50.00 per day as a means of settling the exact amount credited.
At the formal disclosure of the US$500,000 to the women at the Paynesville, Pipeline Dry Rice Market yesterday, the President of Peace Child International, Mr. David R. Woollcombe, said the loan program is intended to provide real business training and as such those applying for the money must attend a special training to ensure the management of the money that would be loaned out.
Speaking to reporters and marketers about the detail of the loan, Mr. Woollcombe disclosed that the program will officially be launched in August 2013 followed by a two-month extensive training assisted by two young people from the United States.
Rep. Twehway told the women earlier that his office and Mr. Woollcombe have been in series of consultation after it was publicized that he (Twehway) has introduced a loan scheme in the district.
He clarified that the US$500,000 loan will not be free unlike the LD$ half million program that he started. The lawmaker told the market women that the money is for those who will be ready to pay back an interest rate of 2% unlike the previous one which was totally free.
Rep. Twehway lauded “Youth Crime Watch”, a local NGO in his district for establishing a contact with Peace Child International to assist the women of Liberia and district # 3 in particular.
“Let me make it clear that this money is only for women, and women who will be in the position to pay this money back at 2% interest rate. If you don’t pay this money, it means you are denying thousands of Liberian women in the country and the entire Mano River basin from benefiting from this initiative,” Rep. Twehway said.
Speaking on behalf of the market women, the Superintendent of Paynesville Pipeline Dry Rice Market, Madam Kpannah Walker commended Mr. Woollcombe and Rep. Twehway for identifying with them while they are trying to improve the welfare of their lives.