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Tinashe Farawo
GOVERNMENT has secured US$10 million from local financial institutions to fund community-based youth projects under the Localised Empowerment Acceleration Facility (LEAF).
Each of Zimbabwe’s 210 constituencies will get US$45 000 as Government steps up efforts to empower youths, according to Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao.
The minister told The Sunday Mail that the Reserve Bank of Zimbabwe played a pivotal role in securing the US$10 million facility.
Minister Zhuwao said beneficiaries of the Youth Empowerment Fund who serviced their loans would access the new kitty.
“What we have done is to ensure that every project proposal has a backup from the community. It must have a support from community leaders like your MPs, churches, councillors or traditional leaders.
“We are saying that to ensure that the money has been put to good use, new applicants should have gone through ILO SYB model to start new or improve small businesses.
“This model is now used the world over and it was generated in Zimbabwe.”
RBZ Governor Dr John Mangundya said beneficiaries should show financial discipline.
“What this country is lacking is production and discipline; so under this new fund, we are going to ensure that our young people produce and service the debts,” he said.
“We are simply supporting our young people to produce and these loans must be put to good use so that they benefit more people in our quest to empower our future leaders.”
Zimbabwe Youth Council acting director Mr Sungano Chisina added: “The empowerment facility comes at an opportune time as we commemorate Africa Youth Day under the theme ‘Africa must deliver as one to empower youth for sustainable development’.”
Zimbabwe joins the rest of the continent in marking this day on November 1.
Africa Youth Day is an annual African Union observation to promote recognition of young people as key agents for social change, economic growth and sustainable development.
Online Reporter