The Ministry of Social Protection has announced that it has restructured the Women of Worth (WoW) microcredit initiative, by injecting $40M to allow single parent women to access loans for start-up businesses.
According to a press release issued by the Ministry, during the recently concluded National Budget Estimates, Minister Volda Lawrence noted that a number of single mothers have been engaging the Ministry with their projects, and the Ministry will only be able to realise how many persons will benefit by the end of the year.
It should also be noted that the Ministry is currently seeking funding to rollout a new credit line, the People of Worth Entrepreneurial Resources (POWER) project. This scheme will allow for both males and females to access loans.
The Government has promised that mechanisms will be put in place through additional staff and there will be an ongoing monitoring and evaluation system to ensure that these projects are properly managed and the loans are serviced.
It should be noted that it was under the PPP/C Administration the WoW programme became a reality which saw hundreds of Guyanese women benefitting.