UNDP, IPED sign poverty pact for North Rupununi
by Terrence Esseboom
THE United Nations Development Programme (UNDP) and the Institute of Private Enterprise Development (IPED), yesterday formally ratified an historic poverty eradication pact for North Rupununi residents. The US$80,000 (G$13.5M) micro credit arrangement will benefit some 3,000 persons inhabiting 12 Region Nine (Upper Takutu/Upper Essequibo) communities, helping them move away from the traditional subsistence existence and to manage credit concessions. A pleased UNDP Resident Representative, Mr Richard Olver told the gathering "...this is a very happy day for me. For us sustainable human development is about choices for people and partnerships for development. This project is about sustainable human development." Olver and IPED Chairman Mr Yesu Persaud signed the documents at the ceremony which was held at the UNDP Brickdam office in the City. Reiterating the importance of choices in human and national development, Olver emphasised "...this has to be done in an environment in which those choices can be sustained not only over the years but over the generations. It's no good giving people resources today knowing those resources will not last for tomorrow." "What is needed...is a partnership between government and the private sector... and the institutions of a country such as Guyana, its external partners and the local community" the UNDP envoy continued. The US$80,000 venture is the most critical component of the overall poverty eradication programme (PEP) funded by the UNDP, the United States Agency for International Development (USAID) and the Guyana Government. The parties signed the G$53M pact which will target Annai, Apoteri, Kurupukari, Kwatamang, Massara, Rewa, Rupertee, Surama, Toka, Woweta, Yakarinta and Yupukari. "...by our simple act of signature today, we bring into being the first true credit facility for the poor of the North Rupununi...which will allow people to design and bring into being their own dreams for a prosperous future," Olver stated. He said the scheme indicates the commencement of the "idea... and institutionalisation of credit" in the North Rupununi. Amerindian Affairs Minister, Mr Vibert DeSouza stated that the initiative will help the indigenous peoples "move away from their traditional subsistence way of life". Half of the sum handed over, will be used to disburse some 220 loans in the hope of creating 400 jobs. The rest of the money will cover administrative and other overhead costs, including setting up the North Rupununi Credit and Development Office. An IPED statement on the issue pointed out that although micro credit is a "high risk" venture, the strategy is the best way "under-privileged people can take advantage" of opportunities available in the formal sector. Through a bidding process, IPED was selected to manage the effort for aspiring entrepreneurs who lack access to collateral. "...We are sure that it can function because the mechanisms that have been highlighted to us by IPED in its proposals...are sound," UNDP Deputy Resident Representative Mr Andrea Tamagnini told the Chronicle. Tamagnini noted that IPED is also very knowledgeable about the complexities of the micro credit sector, and the Institute's experience coupled with the focus of its proposal will guarantee success of the undertaking. 
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