Government has set aside US$2.5 million towards the establishment of a macro-financial institution to fund youths projects in the country, Youths Minister, Patrick Zhuwao has said.
Addressing scores of youths who converged at Stodart Hall in Mbare for the ‘Zimbabwe Champions and Heroes of Economic Empowerment (ZIMCHEER) meeting on Wednesday, Minister of Youth Development, Indigenisation and Economic Empowerment, Patrick Zhuwao said the Ministry of Finance and Economic Development had set aside $2,5 million to go towards the establishment of Empower Bank.
Zhuwao said once the Reserve Bank of Zimbabwe (RBZ) gives a nod on the youth bank, it will be set up soon as treasury has already made US$2.5 million available.
“Government through the Ministry Of Finance, we were allocated $2.5 million for the setting up of youth bank. They also promised us $10 million just as they promised $10 million each to Small and Medium Enterprises and the women.
The event also saw the unveiling of four youth economic drivers: the Feed Zimbabwe, Youth Shape Zimbabwe, Youth Make Zimbabwe and Youth Employ Zimbabwe, which form the basis for the establishment of the Empower Bank.
“The formation of the Empower Bank was driven by President Robert Mugabe’s motto in 1986 for youths to transform political independence into economic empowerment for themselves as future leaders,” Zhuwao added