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Lack of requisite skills has also been cited as it emerged that out of more than US$4 million worth of projects approved, only US$2,7 million was disbursed from the fund being administered by CABS owing to bottlenecks related to its disbursement.
Of the total number of youths that applied, only 30 percent had their projects approved.
Head of the Youth Fund at CABS, Mr Brian Mpofu said this last week while giving oral evidence before a Parliamentary portfolio committee on Indigenisation and Economic Empowerment chaired by Gokwe North Senator Tariro Mtingwende (Zanu-PF).
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“The s ectors we have been funding are agriculture, manufacturing and mining,” said Mr Mpofu.
He said disbursement of funds was made to suppliers of goods and services and if an applicant delayed in furnishing them with such details, that would lead to a delay in disbursement of money on an approved project.
Mr Mpofu denied allegations that the fund was being distributed along partisan lines.
leeroy