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Speaking during a Zimbabwe Youth Council (ZYC) seminar in Bulawayo on Monday, Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere castigated banks for their failure to avail money from the Youth Fund despite youths submitting numerous project proposals.
“Every time youths approach banks for loans, their loan applications are turned down due to lack of collateral yet they have viable business proposals.
“As Government we are not fighting with banks over nothing but our aim is to achieve economic empowerment through inclusion of youths in the economy,” said Minister Kasukuwere.
During the question and answer segment, youths criticised CABS for taking long to process their project proposals with more than 7 000 projects being rejected, with some participants alleging that banks had stolen their business proposals.
Minister Kasukuwere condemned CABS, Barclays and Standard Chartered Bank for failing to allocate funds to black youths, when they used to have local boards which supported mortgages during the colonial era.
He said that the ZYC in partnership with Government should set up structures to identify challenges faced by youths and come up with solutions to eradicate these challenges to achieving youth economic empowerment.
“There is need to decentralise the company registration board and reduce company registration fees because they are too high for youths,” he said.
Minister Kasukuwere said there is a need for implementation of reforms within the banking sector so that youths could get money from the Youth Fund so youths can start their own businesses and develop the country.
“After 20 years every youth here today should look back and reflect on what they have done with some boasting that they are the generals of the banking sector and industrial sector not generals in smoking mbanje,” said Minister Kasukuwere.
He challenged youths to set up economic clusters through combining their capabilities and God-given talents to utilise the abundant unexploited resources within the country.
“There is great need for youths to organise themselves into economic structures and exploit the abundant natural resources in the country, for example the Great Dyke which stretches for 505 km in length and 11 km in width,” said Minister Kasukuwere.
He said foreign investors intending to invest in the country should strive to develop communities in eradicating poverty and unemployment, rather than siphoning the country’s resources.
Online Reporter