NAPEP Unveils New Poverty Reduction Scheme
By Crusoe Osagie, This Day Online, June 7, 2006
National Poverty Eradication Programme (NAPEP), has unveiled a ground-breaking approach to wealth creation for the poor.
Dr Magnus Kpakol, NAPEP’s Coordinator, who disclosed this to THISDAY in Lagos, said the scheme involves partnerships between state and local governments on the one hand, and beneficiaries on the other.
Tagged "Multi Partner Micro finance Scheme (MPFS)," the programme will provide low interest funds for beneficiaries under strict supervision by a joint-implementation committee. Under the scheme, states are to commit at least N50 million which will be matched by an equal amount by participating banks.
Considering the fact that states’ contributions are interest-free, the overall interest rate for the scheme is averaged at eight per cent.
>> View Article | created on: 06/08/2006
