ED launches youth bank, meets students today
PRESIDENT Mnangagwa is today set to launch the Youth Empowerment Bank as his administration moves in to empower young people by funding various economic projects for them.
The Head of State and Government will also meet tertiary students to discuss challenges they face.
The President will first officially open the youth bank at Tendeseka Office Park in Eastlea, Harare, before proceeding to Celebration Centre in Borrowdale to launch it.
He would then address the students at the Harare International Conference Centre.
Government has set aside $12 million for the establishment of the young people’s financial institution.
Youth, Sport, Arts and Recreation Minister Kazembe Kazembe yesterday said all was set for the two events.
“To the youths, this is a big opportunity that they have been provided with by President Mnangagwa’s administration,” he said. “Our youths are talented and this is what they have been waiting for, that is to be given an opportunity to showcase their talents. We have a lot of them who are innovative. Our youths are academically empowered and all they have been waiting for is an opportunity to be financially capacitated so that they can showcase what they are capable of doing and contribute to this country in view of the President’s 2030 vision.”
Minister Kazembe said youth representatives from across sectors, corporates and technocrats would be part of today’s proceedings.
“We are empowering our youths by providing them with skills at our vocational training centres and once provided with skills they need entrepreneurial experience and that is being provided by our incubation hubs,” he said.
“Once they have that experience, the next thing they need is to be financially capacitated so that they can start to run their own businesses. This is the final length of the empowerment programme.”
Zanu-PF Youth League secretary Cde Pupurai Togarepi said the financial institution would be dedicated to youths.
“We are excited that for the first time we have a bank whose main activity will be to empower youths in various economic sectors,” he said. “The bank will be sensitive to youth circumstances such as lack of collateral and training in business management. This bank will avail the greatest opportunity for youths to participate in the economic development of the country. We expect youths from various sectors such as mining, farming, arts, manufacturing and vending to attend and benefit. They will mingle with bank officials as well as sample opportunities available for support by the bank.”
The empowerment bank will only release money to suppliers of equipment and implement that the applicants want to acquire using the loans.
The Government last week opened the Women’s Bank as a way to empower women.
The bank is the first of its kind to be established in Southern Africa.