KEY POINTS
- President Mnangagwa launches a $2 million youth empowerment fund.
- Youth-led businesses are encouraged to innovate and expand globally.
- The initiatives aim to support the country’s economic growth and development.
President Emmerson Mnangagwa has announced two major initiatives designed to empower young people and encourage economic growth in Zimbabwe.
The initiatives include the Presidential Youth Empowerment Revolving Fund worth $2 million and the Presidential Youth Mining Equipment Scheme valued at $5 million.
The programs are aimed at providing financial support to youth-led income-generating projects and supporting young artisanal miners with the necessary tools to boost their businesses.
At the unveiling of these initiatives, held during a two-day sensitization workshop in Port Harcourt, Rivers State, President Mnangagwa emphasized that hard work, focus, and professionalism were essential values for success.
According to ZBC News, he urged young people to commit to honesty, integrity, and transparency as they embark on their entrepreneurial ventures.
“Hard honest work pays, and focus, discipline, and professionalism in all business endeavors are indispensable values for the success and prosperity of our nation,” Mnangagwa said.
“This culture should be preached and entrenched among our young people.”
Youth-led businesses encouraged to innovate and expand
The Presidential Youth Empowerment Revolving Fund is designed as a revolving loan scheme. Funds will be issued as loans that must be repaid.
This approach will help ensure the program’s sustainability. It will also enable more young people to benefit in the future.
The $2 million fund has been divided among Zimbabwe’s ten provinces. Each province will receive $200,000 to support local youth-led projects.
The fund aims to help businesses grow, focusing on expansion into the SADC region, the African continent, and beyond.
Innovation and the use of emerging technologies are key components of the initiatives.
President Mnangagwa encouraged youth-led businesses to explore new product lines, penetrate value chains, and tap into global markets.
“The Youth-owned businesses of Zimbabwe should situate themselves in this respect and play their part,” he added.
Youths across Zimbabwe welcome the empowerment programs
Young people across the country have welcomed the initiatives.
They see them as a vital opportunity to unlock their potential and contribute to the economic development of Zimbabwe.
Many people found inspiration from the President’s message to innovate and participate in global markets.
Through this initiative, people are encouraged to challenge conventional thinking about their community and establish businesses that operate across international borders.
The empowerment programs have emerged as a vital solution to tackle youth unemployment.
