Abia state government has said it will on Thursday launch a N1 billion interest free revolving loan under the Abia cooperatives scheme for 9,200 residents from the 184 wards of the state.
Commissioner for Information and Culture, Prince Okey Kanu disclosed this at Government House , Umuahia while briefing journalists.
He said 50 beneficiaries have been selected from each of the 184 wards in in the state to benefit from the first phase of the loan scheme.
According to him, the scheme, which is an interventionist program, is designed as a form of palliative as well as an empowerment program that would help turn around the lives of the beneficiaries.
The Commissioner further explained that the short, medium and long term impacts of the scheme will no doubt have a salutary effect on the state’s economy.
He said, “In fulfilment of one of his campaign promises, Dr Alex Otti will on Thursday, the 11th of July 2024, officially launch the disbursement of interest free revolving loans to Abians under the Abia state Cooperative Support Scheme.
“This is meant to support nano and micro business operators in the state. It is meant to help them in their businesses. It will help to ameliorate the difficulties people are experiencing in their businesses as a result of the economic headwinds that are currently affecting the nations economy.”
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