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President Mnangagwa today launched a US$2 million Presidential Youth Empowerment Revolving Fund that is earmarked to fund youth income-generating projects.
HE Mnangagwa also announced the launch of a US$5 million Presidential Youth Mining Equipment Scheme for young artisanal miners and urged beneficiaries to exercise high levels of morality and ethical consideration.
“The schemes must identify deserving and capable youth. No to favouritism and corruption. I want this to be an enduring and sustainable Fund that benefits the majority of our country’s youth. Hence, the US$2 million Fund must not be taken as a free hand-out but administered as a revolving one that issues loans that are paid back for the benefit of many more people afterward. The Youth Empower Bank will administer the Fund.
“My Government will be mobilising more financial resources towards this initiative. Additionally, from the USD50 million Financing Facility that my Government is mobilising to accelerate irrigation development, for climate-proofing agriculture, USD10 million will be reserved for the youth in agriculture,” President Mnangagwa said.
Dr. Paul Tungwarara, the Presidential Investment Advisor, underscored the need for the youth to utilize the funds in a manner that leaves no youth behind.
“We want the fund to reach others. I am pleased to announce that investors from the United Arab Emirates (UAE) have bought President Mnangagwa’s scarf for US$300 000. This takes the Presidential Youth Empowerment Revolving Fund to US$2, 3 million. When you get the loans we expect you to repay them so that others will also benefit from the same,” Dr. Tungwarara said.
The Presidential Youth Empowerment Scheme was running under the theme, “Fuel Youth, Ignite the Future.”
Senator Charles Tawengwa, the minister of State for Provincial Affairs and Devolution for Harare Province said the launch reaffirms President Mnangagwa’s unwavering commitment to youth empowerment and national development.
“Your Excellency, our nation’s development blueprint, the National Development Strategy 1, that is NDS 1, recognizes the critical role that youth play in driving economic growth and development. Thus, by prioritizing youth empowerment, we will achieve inclusive and sustainable development.
“On behalf of Harare Metropolitan Province, I express my deepest gratitude and sincere appreciation for your steadfast commitment to youth empowerment, which has played a pivotal role in the success of international development. Under your astute leadership, Your Excellency, the Second Republic has placed young people at the centre of Zimbabwe’s growth agenda, ensuring that they are not beneficiaries of progress but participants, as well, in shaping the nation’s future. Your Excellency, through the Presidential Youth Empowerment Scheme, you have reaffirmed your belief in national development, and our commitment to this should contribute to the top-down growth of Zimbabwe,” Senator Tawengwa said.
This resonates well with the mantra of leaving no one and no place behind.
In President Mnangagwa’s drive towards Vision 2030, which envisions a Zimbabwe that is prosperous, equitable, and just, the youth play a strategic role in nation-building. At the heart of Vision 2030 is the empowerment of young people, who will drive the innovation, entrepreneurship, and creativity needed to achieve an upper-middle-income society by 2030.
The empowerment programme is a critical tool in achieving that vision as it provides young people with the opportunity to achieve their goals. Access to capital, training, and business opportunities are key ingredients for self-reliance and national prosperity.
Hon Tino Machakaire, the Minister of Youth Empowerment, Development and Vocational Training who is also ZANU (PF) Secretary for Youth Affairs said the Youth Fund will be managed as a revolving fund by the ZANU (PF) Youth League in collaboration with the Empower Bank.
“In line with the spirit of devolution, each province will be responsible for identifying a viable project that will be sponsored from the fund. In addition, provincial committees will submit project proposals for approval, after which, funds will be released directly to the supplier or the service provider. The continuity of this project is of utmost importance.
“To ensure long-term success and sustainability, proper monitoring and evaluation mechanisms will also be established to its end. Each province is tasked to ensure that the project remains on the agenda. The project will be operational and impactful, with continued support and guidance from the identified supervisory board. This will guarantee that the benefits of the fund are felt for years to come and that the project evolves in line with the needs of the communities they serve,” Hon Machakaire said.
