RWANDANS with new innovative business ideas are set to benefit from the newly created East Africa Challenge Fund (TRAC), an official has said.The fund, which is an initiative of TradeMark East Africa (TMEA), will provide financial assistance to Rwandans who will present good and outstanding ideas.The fund is targeting private sector and civil society organisations, according to TMEA Country Programmes Manager, John Bosco Kalisa.The fund has already been introduced in two East African Community (EAC) member states Kenya and Tanzania.“The focus will be on people with good innovative ideas that can benefit the country and East Africa as a region. We will be providing financial support to implement these ideas,” Kalisa said.He said the fund was one of their many programmes that are being championed by the organisation to lift peoples of East Africa out of poverty, and also help people in the region gain more from the regional integration through encouraging cross-border trade.One of the challenges that has always been considered as an obstacle to regional citizens especially youth and women is lack of funds to kick-start their businesses, and this will be readily addressed by the new initiative.The three years project is expected to cost $10 million in all regional countries.In interview with The New Times, the TRAC national coordinator in charge of Rwanda and Burundi, Robert Amigo Nkiiko, said the project is aimed at elevating people from poverty.“Innovative projects proposed by private firms that have the potential to boost cross-border trade and international trade will be eligible for funding”, he saidHe said the funds will also look at the project s that has large impact on the community and promotes climate resilience and environmental sustainability.The fund will be officially launched tomorrow as well as Friday in Burundi.According to Nkiiko, the proposals will be submitted online and be screened and then in six month the winners will be handed their funds to implement their projects.
