Online Reporter
Ray Bande
Senior Reporter
GOVERNMENT, through the Ministry of Youth Empowerment, Development and Vocational Training, has launched a US$1 million Empower Bank facility for Manicaland youth income-generating projects, with an initial US$100 000 already being disbursed.
The revolving fund, aimed at increasing youth participation in the economy, was launched by President Emmerson Mnangagwa.
Each province is set to receive a share.
In line with resolutions from the ruling ZANU PF 2025 conference ,where a commitment was made to reserve US$10 million for youth empowerment nationwide, the funds are now being released in batches.
Speaking at the launch for Manicaland, Minister of Youth Empowerment, Development and Vocational Training Honourable Tinomuda Machakaire said:
“Government has committed US$1 million to this initiative, with US$100 000 allocated to Manicaland Province during this initial phase. These affordable loans, administered through Empower Bank, will provide young entrepreneurs with the opportunity to establish businesses, expand existing enterprises, create employment and contribute meaningfully to Zimbabwe’s economic growth. Our responsibility as Government is to ensure that circumstance never determines destiny. Every young Zimbabwean deserves the opportunity to succeed through honest work, innovation and enterprise.”
Minister Machakaire called for an all-inclusive approach to youth empowerment.
“Government alone cannot transform the economy. Youth empowerment requires strong partnerships between Government, financial institutions, development partners, local authorities, the private sector and communities. Let me commend the Empower Bank for being a dependable partner in advancing youth entrepreneurship through accessible and youth-friendly financial services. Together, we must continue to create an environment where young farmers, innovators, artisans, manufacturers, creatives, and technology entrepreneurs can thrive,” he said.
Minister of State for Manicaland Provincial Affairs and Devolution Advocate, Misheck Mugadza urged youths from all districts of Manicaland to take advantage of the life-changing facility.
“No community should be excluded. No deserving young person should miss out because of lack of information or inadequate support. Inclusivity in the development agenda should bind us all as espoused by President Emmerson Mnangagwa, going forward to achieve the national Vision 2030,” said Minister Mugadza.
Empower Bank chairperson, Mr William Chaitezvi gave an overview of progress made so far in the disbursement of loans under the facility.
“To date, Empower Bank has received 537 applications nationally with applications valued at approximately US$1 385 525. Of these applications, 202 have been approved, resulting in loan disbursements amounting to US$510 213. In Manicaland we received 124 loan applications, with 53 loans disbursed to date, amounting to US$141 900. These investments are already supporting young entrepreneurs who are creating business, generating income and contributing to local economic development,” he said.
