HomeNewsStanbic provides $20m youth empowerment fund

Stanbic provides $20m youth empowerment fund

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Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere says Stanbic Bank has made available $20 million towards youth programmes and entrepreneurial development.

Stanbic joins the growing list of institutions that have provided funds for youth activities. Old Mutual, Interfresh and Meikles are some of the institutions that have already provided funds.

“Today Standard Bank Zimbabwe has sent us good news to the youth entrepreneurs of Zimbabwe. They have written to me making available a loan facility to support our young entrepreneurs to the tune of $20 million,” said Kasukuwere in a Facebook posting on Friday

“This is a major boost and welcome development as we seek to place the youth at the centre of national development.”

Last month Old Mutual launched an $11 million youth fund to empower the youths and assist them to start viable projects in accordance with the government Indigenisation and Empowerment Act.

The fund would see each of the country’s 10 provinces receiving $1 million.

Kasukuwere said the ministry would work closely with Stanbic to ensure young people access the funds and are properly skilled and prepared for the heavy responsibilities they had to carry.

“All our youths irrespective of your tribe, religion, creed or political persuasion have unfettered access to the funds. I would like to warmly thank Stanbic for this very timeous injection of funds and it’s a huge vote of confidence in our youths,” he said.

“To our young people, here we are, let’s get on with the task of building a strong economy, hard work, hard work. Let’s get on with the job.”

Launching the Old Mutual fund, Luke Ngwerume the chief executive officer, said the youth fund was in line with government’s policy of empowering the youths.

“It’s an exercise in compliance and also an indication that we have taken a fundamental role in developing Zimbabwe and the youths who are enterprising, dynamic, innovative and understand the socio-economic problems,” Ngwerume told delegates.

A $200 000 revolving fund for youths to conduct specialised horticulture in peri-urban Harare was launched by Interfresh and Meikles.

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