The Kwara State Governor, AbdulRahman AbdulRazaq has flagged-off the distribution of $250,000 (N350 million) interest free loans to empower 1,000 local small business clusters across Kwara communities, strengthen grassroots economies, and scale up sustainable development.
Beneficiaries were drawn from across community interest groups, each of which has received a sum of $25,000.
Powered by the World Bank under the Community Revolving Fund (CRF) initiative, the project is being implemented under the Kwara State Agro-Clomatic Resilience in Semi-Arid Landscapes (Kwara ACReSaL).
The Governor said the administration is partnering with the World Bank under the ACReSAL project to positively touch lives and improve the local economy.
He urged the beneficiaries to use the funds judiciously to achieve its objectives, and to repay it promptly so that other persons can benefit.
“This World Bank-supported initiative has been designed to provide our women, youth, farmers, and cooperatives with access to resources that will enable them to create wealth, generate employment, and uplift households. Hence it is a practical step towards reducing poverty
“I congratulate all the pioneer beneficiaries. You are leading the way with these dedicated funds which you would be required to refund to enable it to reach more lives.” the Governor said.
At the event were senior government officials and heads of government establishments, community leaders, market women, and various support groups.
The Commissioner for Environment and Chairman of Steering Committee for ACReSaL, Nafisat Buge, said the success of the programme depends on how well the beneficiaries use and repay the funds, calling on them to repay promptly for others to benefit.
“Today is not just about the distribution of funds; it is about planting another seed of hope, empowerment, and sustainable growth in our community,” she said.
Buge, however, said that the Kwara ACReSAL is not just giving out this credit facility to people, but has recently provided some rural communities in the state with potable water to improve their living conditions.
The State Project Coordinator for ACReSAL, Shamsideen Aregbe, said the Community Revolving Fund initiative confirms the Governor’s dedication to inclusive development and shared prosperity.
He thanked the development partners, stakeholders, and implementing agencies, who he said have contributed a lot to make the programme a reality.
The Emir of Shonga, Dr Haliru Yahaya, commended the Governor for his passion for community development, saying that his community is a chief beneficiary of the ACReSAL project and other infrastructural development programmes.
A representative of the beneficiaries, Mrs. Abdulkareem Olapeju thanked the Governor for investing in the initiative, which she described as life-changing.