PSF business incubation centre gets equipment

The Private Sector Federation (PSF) has received a donation of assorted equipment from a Singaporean organisation, ITE Singapore, to support its incubation centre.

Donatien Mungwarareba, the PSF director for member services, capacity building and entrepreneurship promotion, said the equipment would boost PSF’s drive of rolling out entrepreneurial training for the youth countrywide.

“We have already paid $34,000 (about Rwf22.4m) shipment charges and expect the cargo to arrive in the country mid-next month,” Mungwarareba said.

He said the package included a CNCEM wire cut machine, universal CNC, colour oscilloscope and tool marker machine, precision surface grinder and air compressor systems.

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“These will help equip the youth, especially young graduates, with mechanical and engineering skills to make them more innovative in the fields of wood art, car mechanics and ICTs,” Mungwarareba said. “We have already set up an ICT consultancy centre where people can learn business and entrepreneurial skills. We are working on plans to establish more centres in districts across the country.”

In 2009, PSF got Euro 4.2m (about Rwf3.6b) from the Netherlands to support the incubation centre. However, with the project due to expire in June, the federation is seeking to extend the Dutch-funded project.

PSF says 450 businesses across the country have already benefited from the project, 350 entrepreneurs completed internship last month and more are still undergoing training.

Meanwhile, PSF says it is reviewing its policy on loan guarantee for its interns who want to acquire funds from banks to set up business.

“We had set aside Rwf200m for our business partners, who would want to access loans from banks so we can guarantee them, but because those that we guaranteed have defaulted, we are now hesitant,” Mungwarareba said.

Source: The Newtimes