Londile Moyo
Sikhulekelani Moyo and Tanaka Nkala, Zimpapers Reporters
The Government has officially launched a US$1 million Youth Economic Empowerment Fund, marking a major step towards strengthening youth participation in Zimbabwe’s economy.
The fund, which was officially launched by the Youth Empowerment, Development and Vocational Training Minister Tinoda Machakaire at the inaugural Youth in Business Forum in Bulawayo on Tuesday, is designed to support young entrepreneurs with affordable financing while promoting sustainable business growth and job creation. Speaking at the launch, Minister Machakaire described the initiative as a starting point, with ambitions to expand the fund to US$5 million in the near future.
“This launch marks only the beginning. It is our collective ambition to grow this fund to US$5 million, expanding its reach and impact across the country,” he said.
He emphasised that the revolving nature of the fund requires discipline and accountability from beneficiaries, urging young people to repay loans so that others can also benefit.
“This facility is meant to benefit many young people over time. When support is extended, it must be honoured through repayment to allow continuity,” he said. The fund will be under Empower Bank’s stewardship, which has been tasked with ensuring transparency, efficiency and inclusivity in disbursing the resources.
“In administering this fund, we have adopted a collaborative approach to guarantee its sustainability. We call upon all stakeholders — traditional leaders, Members of Parliament, church leaders and the broader community — to play an active role in supervising and supporting beneficiaries,” added Minister Machakaire.
“This will help ensure that the resources are utilised for their intended purposes. The ministry, Empower Bank, the Zimbabwe Youth Council (ZYC) and other key partners will continue to work closely together to safeguard the success and longevity of this initiative.”
Through targeted interventions, Minister Machakaire said the ministry aims to ensure that every young Zimbabwean has the opportunity to engage with financial institutions, build assets and develop sustainable businesses.
This alignment with the National Development Strategy 2 (NDS2) reinforces the Government’s commitment to nurturing a financially literate and empowered youth that can drive economic transformation and foster resilience in the economy.
Minister Machakaire assured the youth of Zimbabwe that this programme will cover all ten provinces, adding that the ministry is committed to leaving no one and no place behind.
“As a next step, we will be rolling out provincial launches to bring this opportunity closer to communities across the country. We trust that the fund will be managed with the highest standards of transparency, efficiency and accountability,” added Minister Machakaire.
Minister Machakaire also made a promise to the youth, saying that next week the ministry will also launch a US$2,2 million funding partnership with Camfed, targeting the youth.
Camfed is a pan-African movement supporting girls to go to school, thrive and become influential leaders and change makers in their communities.
The Youth Business Forum, which was organised by the Zimbabwe International Trade Fair Company in partnership with the ministry, the Reserve Bank of Zimbabwe, and the National Committee on Financial Inclusion, was run under the theme: “Youth Financial Inclusion: Closing Gaps in Connected Economies.”
In his presentation, Empower Bank board chairperson Mr William Chaitezvi highlighted that the US$1 million Youth Economic Empowerment Fund is more than just financial support, describing it as a strategic investment in Zimbabwe’s future.
“This is not merely a financial intervention, but a deliberate step to place young people at the centre of economic transformation,” the representative said.
The bank will provide tailored financial products, simplified access procedures and ongoing support to beneficiaries.
The programme will incorporate financial literacy training, business management skills development and market linkages to ensure long-term success for youth-led enterprises.
The fund also aims to promote inclusivity by ensuring equal access to funding for young people from both urban and rural areas, while prioritising enterprise development and job creation.
Minister Machakaire called on community leaders and stakeholders to play an active role in identifying deserving beneficiaries and ensuring that funds are used for their intended purposes.
Speaking at the same event, RBZ Deputy Governor Dr Innocent Matshe called on young Zimbabweans to actively participate in the formal financial system and leverage innovation to drive business growth and national development.
He said that while Zimbabwe has made notable progress in financial inclusion, significant gaps still exist, particularly among young people in rural areas and the informal sector.
“Financial inclusion is not just about access but about the effective use of financial services,” he said.
“When young people are included, they are better positioned to save, invest, formalise their enterprises and contribute meaningfully to economic growth.”
President Mnangagwa launched the National Youth Empowerment Strategy (2026-2030) and the Presidential Youth Fund to support economic development and improve skills among the youth through technology, in line with NDS2.
Online Reporter