Kwara state government has urged business owners to take advantage of the World Bank grants to cushion the effects of COVID-19 pandemic on their businesses.
The acting General Manager, Kwara State Social Investment Programmes (KWASSIP), Brimah Muhammad stated this at a sensitisation programme on Kwara NG-CARES for Micro, Small and Medium-scale Enterprises (MSMEs).
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COVID-19 Action Recovery and Economic Stimulus (CARES) is a World Bank loan to support MSMEs in various sectors to mitigate the losses incurred during the pandemic period. The bank is funding the scheme with about $750 million.
The federal government will in turn loan the 36 states and FCT about $20m per state to be shared across different result areas which include social intervention support, food security and MSMEs among others.
Speaking with newsmen, the Director-General Kwara State Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) Prince Ayo Fagbemi described Kwara NG-CARES as a soft landing for business owners to cushion the effects of COVID-19 on businesses.
Chairman Nigeria Association of Small and Medium Enterprises Prince Tajudeen Ajisefini urged the state government to partner relevant associations in the screening process of the applicants to bring development and relief to MSMEs in Kwara State.