MASLOC Signs MoU With Association of Small Industries
The Micro Finance and Small Loans Centre (MASLOC) and the Association of Small Industries (ASSI) have signed a Memorandum of Understanding (MoU) to strengthen their collaboration, which will serve as the foundation for MASLOC’s support of ASSI.
The arrangement gives ASSI access to digital credit facilities for its members, which will be provided through MASLOC.
As part of the arrangement, the MASLOC will boost its loan recovery through beneficiaries from ASSI because they are an identifiable and credible group.
Additionally, this collaboration seeks to maximize the effectiveness of both parties to effectively monitor and evaluate the state of the credit facilities that will be disbursed following the execution of the agreement.
MASLOC, as the apex body responsible for the implementation of Government’s microfinance programs targeted at poverty reduction, will use this new relationship with ASSI to collaborate with other development financial institutions to promote the micro and small-scale industry sector.
The MOU will strengthen efforts for both parties to leverage the partnership to support its member associations in areas, such as funding, capacity building and skills development, to help them grow and expand their businesses.
Speaking on the sidelines of signing the MoU, Hajia Abibata Shanni Mahama Zakariah, the chief executive officer (CEO) of MASLOC, stated that the successful implementation of this agreement will help reflect the excellent mutual relations between ASSI and MASLOC.
She noted that the institution is ready to maintain its support for ASSI and many other institutions with shared interests.
This agreement comes off at the back of a post-COVID-19 Development and Productivity Enhancement Project (PSDPEP), with a funding of $31.34million that will create a total of 4,800 direct employment and 20,000 indirect jobs after its successful execution.
The agreement, which is a five-year agreement between the Government of Ghana (GoG) and the African Development Bank (AfDB)with each paying $2.84 million and $28.5 million, respectively, is expected to contribute to Ghana’s sustainable post- COVID-19 recovery in the health sector.
It will also support the restoration of livelihoods, income, employment opportunities and private sector development.
The project’s specific goal will be to assist the development of health-related skills in higher education for the eventual improvement of Ghana’s healthcare delivery system, and to encourage technical and entrepreneurship for employment creation among the youth and women.