The board of directors of the Central Financing Facility (CFF) of local credit unions yesterday welcomed the fact that the 2022 budget presentation contains initiatives in favor of youth entrepreneurship, as these were in line with the proposals submitted by CFF to the Ministry of Youth Development and National Service.
Among the proposals submitted by CFF were the credit union movement to mentor youth cooperatives that engage in import substitution and export earnings.
In a press release yesterday, CFF said the minister’s message was well aligned with CFF’s resilience-building initiatives with non-financial cooperatives and the psychological support provided to displaced youth.
In his speech at the annual post-budget breakfast on October 8, Youth Development and National Service Minister Foster Cummings focused on youth diversification and entrepreneurship.
Cummings highlighted how his ministry was able to strategically promote the work of CFF and the credit union movement as a whole.
He said this was of particular importance to the ministry and linked it to Vision 2030, saying it was a key factor in the country’s recovery from Covid-19.
Fifty-two participants from eight local credit unions attended the âzoom platformâ event.
CFF said the Virtual Thought Leadership Meeting was designed to discuss and review the many lessons learned and adjustments made by the movement, as the entire nation continues to be challenged during this era of the pandemic. Of particular interest was how this relates to changes in the financial lives of members (and consumers in general).
During the meeting, light was also shed on how strengthening the capacity of the credit union to adapt to changing financial circumstances of consumers could play a role in encouraging people to come together and take ownership of sustainable businesses to help revive the economy.