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Herald Reporter
In a significant move to bolster economic development, a US$200 000 Presidential Revolving Fund has been launched in Glen View South, Harare.
This initiative aims to empower local residents by providing interest-free loans for entrepreneurial projects, thereby fostering self-sufficiency and community growth.
The fund is part of a broader national strategy to stimulate grassroots economic activities.
Addressing Glen View South Constituency, Dr Paul Tungwarara, Special Advisor to the President, emphasised the importance of discipline and accountability among beneficiaries to ensure the fund’s sustainability.
“Responsible borrowing and timely repayment will ensure that more people benefit from this initiative, thereby driving long-term economic progress in our communities,” he said.
Community members have welcomed the fund, viewing it as an opportunity to start and expand their small businesses.
One resident, Tendai Chuma said, “This fund gives us hope. Many of us have business ideas but lack capital. Now we have a chance to grow.”
The revolving fund is expected to create hundreds of jobs and uplift the livelihoods of Glen View South residents.
Similar initiatives are being implemented across the country, including the US$1,5 million Presidential War Veterans Fund, with each of Zimbabwe’s 10 provinces receiving US$150 000 to support short-term projects for war veterans.
President Mnangagwa also launched a US$2 million revolving fund aimed at supporting youth-led income-generating projects countrywide.
Each province will receive US$200 000.
Online Reporter