The Sunday News
Mesabe Ncube Business Reporter
THE Infrastructure Development Bank of Zimbabwe has increased the threshold for the Youth Development Fund from $1 000 to $5 000 to allow beneficiaries to embark on projects that can help improve their lives and the economy in general.Although officials from the bank could neither confirm nor deny this, Zimbabwe Youth Council (ZYC) chairperson for Matabeleland, Mr Francis Hungwe, said IDBZ had communicated through his organisation to that effect.
ZYC helps in the recommendation of applicants to the bank.
Speaking ahead of a capacity building workshop to be held in the city in two weeks, Mr Hungwe said the bank would be a major participant at the conference and educate youths on how they could come up with bankable proposals to access money.
“They have increased the threshold and during the meeting we also want to invite prominent economists who understand the business dynamics that pertain to this region to explain to the youths how they can grow their businesses,” said Mr Hungwe.
IDBZ’s public relations executive, Miss Priscillah Mapuranga, however, said the bank was open to applications for any amount depending on the scope of the project.
“However, our main challenge has always been the availability of sufficient financial resources to meet the demands of the youths,” she said.
Miss Mapuranga added that fresh disbursements were also dependent on repayments by those who had already benefited.
“The fund was set up as a revolving fund which entails reliance on repayments being received from existing beneficiaries to assist those with approved projects.”
In response to complaints about the accessibility of the fund, Miss Mapuranga said her organisation had no challenge of reaching all the corners of the country.
“IDBZ has a dedicated unit solely for handling youth’s projects and this set-up has been in existence for over five years,” she said, adding that the role of the bank was to conduct project appraisals and disburse the fund while the Ministry of Youth district and ward officers deal with marketing.
She also stated that the bank had in the past been invited and participated in various workshops countrywide though some districts and provinces were more active than others.
Meanwhile, Mr Hungwe said his organisation had approached and presented proposals to the city council to provide vacant premises for the youths to operate their businesses from and increase employment in Matabeleland.
Among these are beerhalls, swimming pools and industrial sites that have been lying idle for years.
This happened after Bulawayo youths complained about the stringent conditions of most of the youth funds provided by the Government to empower youths aged between 18 and 25.
