Women benefit from empowerment facility

Tanyaradzwa Rusike
Sunday Mail Correspondent

AT least 200 entrepreneurs have benefited from the Women Development Fund that was reintroduced by the Government to boost income-generating projects for women.

The fund seeks to provide loans for projects and promote women’s empowerment and participation in economic development.

First established as a revolving fund in 2010, the facility had stopped for a number of years for several reasons including high defaulting rates and currency distortions, but was revived in 2020.

Since its revival last year, $10 million has been released to fund 40 projects in six provinces in sectors such as agriculture, mining, manufacturing, tourism and retail.

According to the Ministry of Women Affairs, Community, Small and Medium Enterprises Development 2020 annual report, the facility, which is administered by POSB, provides funding for women without collateral.

“The objective of the fund is to provide loans to women’s groups without collateral security and last year the Ministry funded 40 projects in Mashonaland East, Matabeleland North, Midlands, Mashonaland West, Masvingo and Manicaland through the Women Development Fund amounting to $10 million and a total of 200 women directly benefited.”

According to the report, the funded projects created jobs for beneficiaries.

“Each of the projects have employed an average of two employees besides the project’s beneficiaries. Some projects especially the bakery projects have provided cheaper and critical services which were not available in most rural set ups and they have improved disposable incomes among group members.”

The Government through the National Development Strategy 1 has made a commitment to prioritise women emancipation, address social inequalities and achieve gender balance in all economic spheres.

This year, $2,4 billion was allocated for social protection programmes targeting women and the girl child in the 2021 national budget.