admin10 percent equity.
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said this was part of Government drive to indigenise all sectors of the economy.
He was participating in a question-and-answer session in the House of Assembly.
Chinhoyi MP, Mr Steward Garadhi (MDC-T) had asked him the criteria used to select beneficiaries of the indigenisation programmes.
Minister Kasukuwere said the indigenisation programme would not fail despite attempts by “some people” to sabotage it, particularly as far as banks were concerned.
“We have come across some of the challenges of individuals who want to sabotage the programme, but it will not fail.
“I am saying so because we should have completed the empowerment of the workers at Barclays Bank, Standard Bank and others,” he said.
“This afternoon I authorised the setting up of the Barclays Bank Share Ownership Scheme that will allow the employees at Barclays to become proud shareholders to the extent of 10 percent in the bank.”
He said the National Indigenisation and Economic Fund would act as the national sovereign fund which would house, on behalf of the majority Zimbabweans, the greater part of the shareholding.
“To that extent, a number of communities across the country have already benefited. As I speak now, over a $100 million has been committed in pledges and commitments by the various companies and entities,” he said.
“To date, over US$24,5 million has been used in the construction of necessary infrastructure in all our communities across the country.”
Turning to the CABS facility that had been advancing soft loans to youths, Minister Kasukuwere said there had been a 52 percent default.
“We now know the reasons,” he said.
“It is as a result of young people requiring necessary skills.
“We are now going through a process of continuous training to upgrade our young people’s capacity to run businesses,” he said.
Online Reporter