Mnangagwa relaunches Grace Mugabe project

PRESIDENT Emmerson Mnangagwa yesterday relaunched the youth Empower Bank, exactly seven months after former First Lady Grace Mugabe opened the financial institution’s doors to the public without a banking licence.

BY BLESSED MHLANGA

Mnangagwa, in his official speech, did not make any reference to the history of the bank, but used the occasion to encourage a culture of savings among citizens.

“I, thus, urge Zimbabweans to inculcate a culture of savings and that of rewarding depositors through payment of interest as this will go a long way in building confidence and ultimately enhancing stability of the financial sector,” he said.

Depositors have been shunning banks owing to exorbitant charges and low interest rates, with some banks wiping out balances with charges alone.

Mnangagwa said his government had funded Empower Bank to the tune of $12,5 million to ensure that youths get access to funding for start-up projects, but warned beneficiaries to repay the loans.

“In the past, you have borrowed money, but have not paid back. This time around, things have changed. You have to pay back,” he said.

Reserve Bank of Zimbabwe governor John Mangudya said the central bank had unveiled facilities worth $451m in the economy, which could be used to help revive the economy and improve industrial capacity utilisation.

He said the central bank had relaxed the issue of collateral to include livestock and land tenure.

Sports minister Kazembe Kazembe said his ministry had put in place mechanisms to ensure that youths accessing the funds receive financial management training so that they would be able to run successful projects and repay the loans.

16 Comments

  1. Farai Johnson Nhire

    The writer seems to find fault with Ed not mentioning the history of the bank but fails to realise that there are many other histories he skiped for good reasons. He never bothered to mention the history of him being poisoned by Grace through icecream nor did he mention the history that he is the one who replaced Grace’s overstayed husband as the head of state. He did not recite the history that these very people are still trying to take his life even though he decided to let bygones being bygones. He did not even mention the history of him having decided to protect the former first family from some very impatient and very short tempered guys in the new system. I can go on and on listing the histories that the president did not find worth mentioning.

    1. The immediate history is an interesting considering the recent coup. The only other interesting past histories are his thefts of blood diamonds in the Congo (DR) and gukurahundi of the matabele.

  2. Cde Gabarinocheka

    ED copying and pasting “MADAM STOP IT”s initiatives…..shame on you.

  3. kid marongorongo

    exactly seven months after former First Lady Grace Mugabe opened the financial institution’s doors to the public without a banking licence. this shows we are moving on we dont destroy what is there to improve the majority, zvekuti rakambo lanjewa na Grace doesnt matter, what we want is to build zimbabwe it was a government project and it can not be ignored because it was initiated by the previous government, being appointed to officiate on the launch does not mean its a personal project, i know MDC is saying when we are in power we are going to destroy everything done by ZANU PF, poor souls, government is government it wont change what changes are people like from Mugabe to Mnangagwa, this was not Grace’s bank if it was hers then why didnt she report to the police that they are stealing her project, why do you want to fool people with such cheap politics. dont be distructed with these monkeys i will support you ED for what you are doing for the youths thats great i guarantee you my vote.

  4. Zimbabwe is the only country in the world led by an HIV positive president Mnangagwa and 2 HIV positive Vice Presidents, Chiwenga and Mohadi. They are currently so sick that they rely on daily doses on medication to be able to speak

    1. What’s wrong with a HIV president, who-ever it might be? You might not have HIV but your reasoning is just disgusting,which world do you come from which doesn’t know about HIV?

  5. What is the use of opening new banks when the existing ones do not have any cash?It is obvously a ploy to dish out funds to the Youth League and the Women’s league.Tiri kukuonai

  6. Farai Johnson Nhire

    Zimbabwe has thousands and thousands of people living with hiv including your own close relatives. A very big propotion of registered voters are also living with Hiv especialy in the urban areas. I wonder wether this chap who is a senior member of the Mdc alliance will not influence Chamisa to discriminate against people living with Hiv when he is in office. I am also wondering how he managed to get hold of Ed’s medical records and those of the rest of the world leaders’ .

  7. Comment…It’s a real pity that a sizeable minority among our people have sunk to these depths of thoughtlessness! They now just criticize everything done by government for the sake of criticising & applaud even the most harebrained arguments made by the soon to lose Nelson Bullet Train Village Airports Chamisa. There is definitely no problem for ED to implement a good project even if it was mooted by Grace as our semiliterate writer at Newsday alleges. Something good is good whether done by MDC or ZANU(PF) or G40. That’s why we did not denounce Mr 800km/h Bullet Train when he told people that he will let resettled farmers keep their land in the “never never” event that he wins the presidency. He said this in spite of the MDC having been formed to fight the land reform & having been at the forefront of denigrating the same farmers & our “Africanness” for close to two decades. We just thought he & his useless party of “tongaitiones” have finally met their Damascene moment. When Nelson , Tendai & Mavhima went on the tour of shame to beg the American Congress to perpetuate their economic violence against the people of Zimbabwe in order to influence our elections in their favour, I was surprised to see some “supposed-to-be-learned” Zimbabweans applauding them. What a shame! In the developed world traitors who try involve foreign powers to fight their homes wars will never even see their names on a ballot papers. Here we applaud a mentally deranged musician when he calls upon a foreign power to militarily attack our country , We clap hands when an ambitious but no-brainer invites ruinous sanctions on our country. Izvozvi rimwe risina pfungwa riri kutoti sanctions were targeted. Ask Chamisa & Biti vasiri parally! What’s most shocking is that we even think we are clever, sophisticated & “educated” when display such unparalleled penchant for self destruction. Babangu Musoniwe! Let 30 July come!

  8. My opinion, the move is a no brainer. How is it priority to give youths funds in a country with collapsed industry, health sector and mining sector? For as much as I would like to see a prosperous youth, I still wonder who they will be emulating in order to succeed? The Ministers stock money in their houses instead of leading by example in investing for the youths to admire and follow suit. All the youths will do is buy expensive cars and alcohol and walk like they are carrying bags of cement under their armpits because that’s what they see from people with money. This is the kind of strategy used by oppressors to buy votes not to develop the country.

  9. Farai Johnson Nhire

    Buying or not buying votes, your Chamisa no longer wants elections. The boy now believes roping in Zctu and marching in the streets making noise will trigger a Syria thereby giving his American handlers an exuse to miliritarily intervene and hand over power to him. But now The Lion Of Chivi has one very good option in that event. He can constitutionaly declare a state of emergency of the duration of his choice and ban all destructive political posturing during which period he can carry out whatever activities will lift up our economy with rich friendly countries of his choice.

  10. grace akazvitadza izvo zvagonekwa na E.D…ED woyeeeee

  11. ed vanogona mhani

  12. munozodei ED uyaa woenda nenyika

  13. zimbabwe is open for bussines

  14. congratulations zimbabwe woyeeeee

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