BEVERLY HILLS, January 03, (THEWILL) – A N750 million intervention fund for traders in Gombe State has been inaugurated by the state governor, Alhaji Ibrahim Dankwambo.
Inaugurating the scheme weekend in Gombe, the governor the scheme was borne out of the neglect of the economic sector of the State by past administrations.
He lamented that the neglect had resulted into mass unemployment of youth and abject poverty thereby creating the insecurity the government is grappling with leaving his government with no option but to salvage the situation.
According to Dankwambo, apart from the micro, small and medium enterprises intervention fund that the state government deployed through the Bank of Industry, other related interventions to fast-track the socio-economic development of the state would soon be introduced.
He noted that the intervention fund was conceived because of government’s desire to support Gombe traders association to facilitate their trading activities and achieve the desired goal of uplifting the living standard of the people.
Dankwambo disclosed that “The State Government is deliberately partnering with JAIZ Bank to administer the Trade Intervention Fund of its ‘Halal’ banking ethics and readiness to contribute positively towards the development of Gombe State consequently, in the memorandum of understanding (MOU) that will soon be signed.”
He added that “JAIZ Bank and the State Government will contribute a total sum of N750 million in this first phase, for disbursement to 2,065 traders.”
Speaking at the ceremony, State Commissioner for Finance, Alhaji Mohammed Hassan, noted that the non- interest loan, expected to be repaid within one year , was strictly for traders and is to enable another batch benefit from the programme.
The commissioner said the State Government had no hand in the selection of the beneficiaries, explaining that the traders associations were solely responsible for the selection of the beneficiaries.
