In continuation of the development drive by His Excellency Dr Julius Maada Bio, the first Lady extended the Interest Free Micro -credit to Bo to help women in the country develop their business. First Lady was there with support from the JMBWA (Julius Maada Bio Women and Associates) on Friday 9th April 2021.
Speaking during the presentation Minister of Fisheries and Marine Resources Madam Emma Kowa said they are in Bo because the First Lady and the JMB women’s wing thought it fit that women in the country need help and they have brought the help needed to the women of Bo town. They will be receiving what she referred to as interest free micro-finance, because the recipients will not pay any interest.
She adds that the money will be given to them in groups as they want the women to work together, she urges the women to be patient among themselves as they are aware that money brings division. She admonished them to use this opportunity to allow this money given to them to bring unity.
The First Lady of Republic of Sierra Leone Madam Fatima Maada Bio in her statement said this new project for women involves putting women into groups which each group having a leader.These women will contribute Le 50,000 each and the Microcredit team will give them a loan of 50% of any amount they have collected to help them with their business. It is important to note, none of the monies collected comes to the First Lady. The money is strictly controlled by the group leaders nominated by the group from within the group.
She discloses the women will not pay back because it is not microcredit, but at the end of the year, these women will show what they have done with the monies giving to them.
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