Guyana Youth Business Trust receives $1.7M start-up funds

Stabroek News
March 22, 2000

A cheque in excess of $1.7 million was yesterday presented to the Guyana Youth Business Trust, which will be making its first loan award during the first week of April.

The cheque in the sum of $1,779,765 was handed over to the organisation by British High Commissioner, Edward Glover, who in brief remarks stated that it was to cover the offices' starting up cost.

Glover, who disclosed that he was expected to be in London next week, said that he hoped on his return to be armed with "a much bigger cheque to meet the start up target." The target is US$500,000. It was his hope that while in the United Kingdom (UK), he could meet the head of the Prince's Trust, Richard Street, to discuss the possibility of financing for the local off-shoot of that body.

"Regard this as a down payment," Glover said.

Speaking also at yesterday's function, Chairman of the Trust, Yesu Persaud, noted that the body's February 25, launching was indeed accorded special honour when it was opened by His Royal Highness the Prince of Wales whom he stated, had a special interest in youth development.

The organisation which was set up in six months, is specifically aimed at assisting young people to realize their enterprising skills.

Funds, Persaud stated, were being raised from a number of sources including the London-based Prince's Trust. It was also disclosed that the Trust had received a number of applications for loans and that successful awardees would be informed shortly.

While thanking the High Commissioner for the generous donation, Persaud stated that it was his hope that the new organisation would be as competitive as the Institute of Private Enterprise Development (IPED).

Glover mentioned that the day's proceedings were given added importance as he had earlier received a personal letter from the Prince of Wales. The letter, he stated, which was written from the Prince's High Grove residence, disclosed how enjoyable his trip to Guyana had been and the satisfaction he got from being able to make the trip.

The GYBT launching, it was further disclosed, was the high point of the visit of Prince Charles to Guyana. The establishment of the Prince's Youth Business Trust in the United Kingdom has been said to have done a lot for the young in that country.