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From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
Date: Tue, May 27, 2014 at 1:17 PM
Subject: Expanding Economic Opportunity in Rwanda
To: iammejtm@gmail.com
From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
Date: Tue, May 27, 2014 at 1:17 PM
Subject: Expanding Economic Opportunity in Rwanda
To: iammejtm@gmail.com
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Virginie Mukakabano had an idea - what if she combined ingredients from locally grown plants known to ward off insects into candles, which when burned, could repel mosquitoes? It was a bold thought with the potential for broad impact given the prevalence of malaria in Rwanda. With the help of the Rwandan government's entrepreneurship development program, Hanga Umurimo (Create Your Own Job), Virginie's idea came to life. She worked to refine her business plan and received a $38,000 loan to purchase the land and capital goods needed to build her candle production facility. Nice Dream Candles has been in operation for a year, and it counts many Kigali restaurants and hotels among its loyal customer base.  Last week, Virginie, through an interpreter, shared her story with Deputy Secretary Sarah Bloom Raskin, describing how her company created candle-making and accounting jobs, as well as providing a steady source of weekly income for local farmers who cultivate the plants and herbs used to scent the candles. The Deputy Secretary met with many of these farmers as part of her visit. Nice Dream Candles is just one example of the businesses that have taken root throughout Rwanda with assistance from the African Development Bank (AfDB). With AfDB support, the Create Your Own Job program has provided guarantees to entrepreneurs that allow them to access financing for their businesses. Without the guarantees, most entrepreneurs would not be able to raise the 25 percent collateral that Rwandan banks require of most credit seekers. At Treasury, we are committed to strengthening and expanding economic growth and opportunity in Africa. The AfDB, with support from the United States, is providing new prospects that have a lasting impact on women like Virginie and their communities across the continent. Anthony Coley is Deputy Assistant Secretary for Public Affairs at the United States Department of the Treasury.
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Jeremy Tobias Matthews
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