Youth Development, Indigenisation and Empowerment Minister, Saviour Kasukuwere yesterday launched a $200 000, revolving fund for youths to conduct specialised horticulture in peri-urban Harare.
Interfresh and Meikles are funding the project. A Meikles employees share ownership scheme was also unveiled and will see 20% allocated to workers.
Employees will gain 10% of the company’s equity while the other 10% will go towards the establishment of an Executive Empowerment Trust.
Kasukuwere said the Meikles ownership trust and the youth empowerment facilities were formulated within the framework of Meikles’ indigenisation implementation plan.
“The trust was an instrument for the reduction of poverty in our nation, consistent with one of the objectives of the United Nations Millenium Development Goals (MDGS). 40% of the trustees will be elected by management and 60% by employees,” Kasukuwere said.
The employee’s ownership scheme was valued at $24 million.
Kasukuwere said each employee share ownership trust would have a deed of trust registered with the deeds office spelling out governance structures relating to their operation.
Meikles chairperson, John Moxon said Interfresh will provide technical support for the venture and the fund will be administered by IBDZ.
“The youth group coordination and monitoring will be undertaken by the ministry and Meikles is ready to assist this project,” Moxon said.