Miped reaches $100m loans milestone

MIPED, the pioneering micro-credit facility introduced by BPTT to boost entrepreneurship and employment in the south-east community of Mayaro in 2002, is celebrating a major milestone with the disbursement of $100 million in loans since its start-up.

To mark this achievement, BPTT held a Recognition Ceremony and Gala Dinner at Trinidad Hilton last week to pay tribute to the major architects behind Miped (Mayaro Initiative for Private Enterprise Development) which started off in a period of community turmoil to become a fully self-sustaining entity. With an initial injection of US$ 1.2 million by BPTT, the facility recorded TT $100 million in loans disbursement earlier this year, benefitting residents from the wider Mayaro region.

Miped’s success was hailed by Minister of Community Development, Culture and the Arts Dr Nyan Gadsby-Dolly as an outstanding example of how communities and corporate entities could create positive synergies through meaningful partnerships. Pointing to BPTT as “one of the country’s leading corporate citizens”, Gadsby-Dolly said the programme complemented her ministry’s suite of initiatives geared to creating resilient and sustainable communities by empowering ordinary citizens. She challenged corporate entities to follow the groundbreaking initiative and take the Miped concept to other communities.

Awards of Recognition were presented to Miped pioneers, led by first chairman Ken Gordon, members of its various boards, to its management and staff over the years.

Glowing tribute was paid to outgoing chairman Asraph Ali, a “true captain of industry” who guided the institution for 14 years, until this year. Ali, who could not attend the ceremony due to illness, led the board with astute business acumen and strength. His successor, businessman and sport administrator Douglas Camacho, described him as “a titan of industry” in TT.

A major highlight was a video presentation featuring Miped client Ramesh Zoongie who cultivates a two-acre plot in Kernahan Village, Manzanilla, with Zoongie recounting his first loan at the inception of Miped to his success as a farmer, receiving soem 25 loans to expand his holding.

BPTT regional president Claire Fitzpatrick said the company was extremely proud of Miped “as it speaks of the success of one of BP’s flagship social responsibility programmes.”

Other receiving awards were Camacho, Richard Callender, Gordon Deane, Vincent Perreira, Judith Mark, Esther Noel, Richard Duncan, Avolon Wilson-Smith (directors); Christopher Power, Shauntelle Primus-McGregor, Rory Jitta (managers); Naomi Guy, Pauline James-Williams (long service) ; Gregory Galera, Sharon Watson, Colin Grant, Robert McIntosh, Rennie Straker and Matthew Pierre (Champions in the Community).