Desist from dependency syndrome, youths urged

Business Reporter
THE Minister of Youth, Indigenisation and Economic Empowerment, Cde Francis Nhema, has challenged youths to desist from the dependency syndrome and create employment through utilisation of natural resources in their communities. In a speech read on his behalf by his deputy, Cde Mathius Tongofa, during a handover of three kapenta fishing rigs to two co-operatives at Binga Business Centre on Friday, Cde Nhema urged youths to capitalise on opportunities created by the Government and the corporate community to create wealth and employment.

The fishing rigs were constructed through the Old Mutual-funded Kurera/Ukondla Youth Fund. The two fishing co-operatives that accessed $50 000 from the revolving fund were Bacikula and Tutambule Kapenta Fishing Co-operatives in Binga District.

The two co-operatives employ a total of 31 youths from the district whose economy largely revolves around fishery and tourism industries.

In addition to the kapenta fishing rigs, the loan from Kurera/Ukondla Youth Fund covered the purchase of other fishing equipment, which included wire fishing trays, light bulbs and protective clothing.

“One of the major areas that we are focusing on as Ministry of Youth, Indigenisation and Economic Empowerment is instilling proper business etiquette among the youths. The Kurera/Ukondla Youth Fund is a revolving facility whose success is dependent on the beneficiaries’ ability to pay back.

“If you squander the money invested in you, you will be doing a disservice to your peers and you will also live to regret those actions. As Government we have partnered with Old Mutual and went a step further by setting aside a significant amount towards capacity building, so there is no excuse for failure,” said Cde Nhema.

He said the Government was committed to addressing the plight of youths through a number of economic empowerment programmes. Youths constitute more than 60 percent of the country’s population.

“The major challenge that we continue to face is that of job and wealth creation among our youths. As Government we have an obligation to come up with programmes and initiatives to help our youths so that they are also able to participate in the country’s economic development.

“We have partnered with Old Mutual, a company that has been operating in Zimbabwe for 111 years and this company is fully aware that its fortunes have a direct link with the success of the people of Zimbabwe and hence it has embraced the Government’s indigenisation and empowerment drive when it launched the Kurera/Ukondla Youth Fund in partnership with my ministry.”

Old Mutual ceded 2,5 percent of its shares translating to $10 million towards the setting up of the revolving fund aimed at financing viable youth projects.

The giant insurance company has also set aside $1 million for capacity building which is being administered by its subsidiary, CABS under the Kurera/Ukondla Youth Fund.

The Ministry of Youth, Indigenisation and Economic Empowerment in conjunction with the Zimbabwe Youth Council plays a monitoring and advisory role.

Speaking during the same occasion, Old Mutual’s acting chief executive officer Mr Zom Chizura, who is also the chairperson of the Kurera/Ukondla Youth Funds, said youths represented the future of the country hence the need to invest in them.

“As Old Mutual we believe in total commitment to complementing the Government efforts in empowering youths, which is why we are involved in the Kurera/Ukondla Youth Fund. We are also pushing beyond boundaries by also availing our expertise in partnership with the Ministry of Youth, Indigenisation and Economic Empowerment and the Zimbabwe Youth Council,” he said.

Mr Chizura said they would soon roll out a financial literacy programme throughout the country targeting youths in business.
“It is our sincere hope that what we have invested in the youths through Kurera/Ukondla sets the platform for a youth economic revolution in Zimbabwe. Old Mutual has operated in different countries for 168 years and expertise acquired over this period guides our investment strategies.

“The success of the youth fund will be the economic emancipation of Zimbabwe’s youths from unemployment and poverty,” he said.
Old Mutual has disbursed more than $5 million under the revolving funding scheme to about 4 000 youth projects across the country.
Old Mutual is an international integrated financial services group covering savings, investment, insurance and banking.