The United States Agency for International Development (USAID) will give out 350,000 U.S. dollars in grant to seven Zambian projects under different sectors to help boost entrepreneurship in the southern African country, a local newspaper reported Tuesday.

The grant is an initial disbursement from a total outlay of 5 million dollars under the Production, Finance and Technology ( PROFIT) program that is to be given to entrepreneurs with innovative ideas.

PROFIT is a five-year program which is designed to assist the promotion of private sector-driven projects under various sectors.

PROFIT deputy chief Peter Manda said from the 300 people who applied for the grant, seven proposals worth 350,000 dollars had been approved and the money would be given to successful applicants.

Manda noted that the 5 million dollars grant will be released in phases to individuals that qualify according to the criteria.

He said the seven entrepreneurship proposals fall under tourism, agriculture, information systems and natural plant products categories.

Manda stressed that any individuals that came up with innovative ideas which were private sector-driven and would create wealth and bring about economic development were eligible to apply for the grant.

Source: Xinhua