Youth fund disbursement starts

Government.
Old Mutual chief executive Mr Luke Ngwerume said last Friday more than 10 000 applications had been received and distributed across the country through CABS branches and Ministry of Youth Development, Indigenisation and Empowerment offices.
He said close to 3 000 applications have already been completed so far with 69 having been approved to the value of about US$250 000.
“CABS and Old Mutual together with the Ministry of Youth Development, Indigenisation and Empowerment, are pleased to announce that the process of projects assessment and fund disbursement is underway in earnest across Zimbabwe. Several projects have been approved and funding released to the recipients,” he said.
“This process is being approached, not only with speed but also caution and prudence in order to widen the catchment areas to all corners of Zimbabwe.”
Most of the approved loans are split across economic sectors of agriculture, distribution, manufacturing, service, retail and horticulture.
Mr Ngwerume said the overwhelming response to the fund had resulted in an administrative backlog, but this had since been addressed.
In addition to the US$10 million youth fund, an additional US$1 million will be made available by the Old Mutual Foundation in Zimbabwe, to go towards capacity building and skills development.
Mr Ngwerume said a trustee board consisting of representatives from Old Mutual, CABS, Government and the Youth Council Zimbabwe has been established to monitor implementation of the scheme.
“We remain committed to the successful implementation of Kurera-Ukondla, ensuring fair distribution of these funds to deserving projects that not only benefit the nation but the local communities in which qualifying youths are based.
“The parties to the Fund – Old Mutual, CABS and the Ministry of Youth Development, Indigenisation and Empowerment – confirm that the priority remains the sustainable socio-economic development of Zimbabwe and its people and will continue to play an active role in the recovery of the economy.”