The programme embraces development oriented enterprises for impacting on employment and income generating activities
The Private Sector Federation (PSF) will today reward a cash prize totalling to Rwf275.6m to 50 entrepreneurs who won this years’ Business Plan Competition (BPC), a top official has said.
Rutayisire Manzi, the federation’s Director of Entrepreneurship and Business Growth said that each finalist will receive $10,000 (Rwf5.6m).
The Business plan competition is an annual programme initiated by the PSF in collaboration with government and the World Bank (WB) to promote entrepreneurship among the youth and fresh graduates to address unemployment problems and alleviate poverty.
The awards follow the evaluation of business plans by Rwanda Development Bank (BRD), the institution which acts as the custodian of the funds. It is aimed at providing capital to young and upcoming entrepreneurs with innovative and profitable business ideas.
The programme embraces development oriented enterprises for impacting on employment and income generating activities.
According to PSF, funds are provided to most viable entrepreneurial project proposals.
The awarding ceremony which will be held in the PSF tents at the Gikondo expo ground will be officiated by the Minster of Trade and Industry, Monique Nsanzabaganwa.
The awards also follow October’s dialogue among the PSF, BPC stakeholders, winners and contestants on how to develop entrepreneurship in the country through the competition.
The dialogue also aimed at brainstorming ideas for entrepreneurial growth in the country and give courage to contestant. According to the PSF, research has shown that previous BPC winners faced constraints in their entrepreneurial careers.
Since its inauguration in 2005, 50 winners have so far been awarded. And according to the PSF officials, the programme has seen significant intensification with only 10 entrepreneurs having been awarded in 2005. This year’s awards push the beneficiaries figure to 100.
“Following the increase of funds from the WB, the number of winners increased to 50 though the target is high if finances permit,” Manzi explained.
The awarding ceremony is said to be part of the national entrepreneurship week, following Rwanda’s failure to attend the global event in Macedonia last month.