Thursday, February 18, 2010

Mung’omba clarifies issuessurrounding CEEC funds

Mung’omba clarifies issuessurrounding CEEC funds
By Kabanda Chulu in Mwinilunga
Thu 18 Feb. 2010, 09:10 CAT

CITIZEN Economic Empowerment Commission (CEEC) Director General Mable Mungomba has said there is need to change the wrong perception that the Commission only funds projects that have collateral such as physical assets.

Addressing Mwinilunga residents on Tuesday on the possibility of funding local people to revive the pineapple cannery and factory, Mungomba said CEEC funds were development focused aimed at capacity building to result in ownership and empowerment.

The once vibrant pineapple cannery has been vandalised with no existing structures in place. Mungomba explained that disbursing citizen’s empowerment funds were like a learning curve and not every beneficiary would succeed at the first instance.

“There has been a communication breakdown because when we ask about collateral, we are not asking for a house since we are not like a bank and this perception about empowerment funds should be corrected especially that some people get scared when they hear about loans and certain conditions,” Mungomba said.

“The collateral we want is your bankable business proposal because if we go ahead to fund a plan which is not bankable then we are creating space for that person to fail since CEEC is not just about funding but we need to create skills development and capacity building hence empowerment. For example, if you want a tractor, CEEC can buy it without asking for anything but how you intend to use that equipment and it becomes yours after loan repayment.”

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