Government promises $1Million to Dominica Youth Business Trust (DYBT) for youth entrepreneurship

​Government promises to give $1Million to the Dominica Youth Business Trust (DYBT) for promotion of youth entrepreneurship. Prime Minister Skerrit made that disclosure while speaking at a signing ceremony for the establishment of two special AID Bank loan facilities, on Monday. He said this is a means of creating sustainable employment, and growing the country’s economy.
He specifically said “We will be providing to the Youth Business Trust in a matter of weeks $1Million, to guarantee loans for young people who want to get into businesses”. These loans will be available with an interest rate of three percent (3%).
Skerrit advised musicians, especially, to take advantage of the opportunity to upgrade their musical product.
“We made a commitment to the $1-million, and within weeks, that will be available to the musicians, the artists, to use to buy equipment,” he articulated. “There are a lot of young people I have met who have exceptional talent.” In his Budget speech, Skerrit mentioned an allocation of $1-million specifically for support to the music industry.
In May, the Government financed training for musicians and artistes, in collaboration with the Association of Music Professionals (AMP), in support of AMP’s effort to professionalize the music industry in Dominica, with a view to making it a significant earner of foreign exchange, incomes and employment.
Skerrit revealed that further training and assistance will be provided for the initiative. He also divulged that the fifty percent (50%) increase in seniors’ monthly allowance, which was announced during his presentation on the 2016/2017 National Budget, will take effect on September 1, 2016. Seniors will now receive $300 from the Government.