adminorganisation has said.
The fund has been founded as part of the organisation’s compliance with the country’s new indigenisation law.
Youth organisation, Entrepreneurship Africa, said they hoped the fund would be managed in such a way that it will benefit youths at large.
“What is important now is for the fund to be administered and disbursed in a transparent non-partisan manner that will allow deserving beneficiaries access to the funds.
“It is also important that measures are taken to make sure the inaugural and subsequent beneficiaries pay back the money so that more youths will benefit as it becomes a revolving fund.
“We hope that priority will be given to young entrepreneurs.
“The beneficiaries of the fund must also efficiently and effectively use the fund and not abuse it so that more and more youths can continue to benefit from the noble initiative,” said an Entrepreneurship Africa representative.
Youth Development, Indigenisation and Empowerment Deputy Minister Tongai Matutu recently told Entrepreneurship Africa that they were awaiting more guidelines from Old Mutual, but hoped that they “will be youth friendly”.
Zimbabwean youth have face enormous challenges in securing venture capital due to lack of collateral and credit history.
On its part, the youth forum says it will train young people to be better entrepreneurs who will run profitable businesses to keep the fund revolving.
Online Reporter