$500m additional funding for Empower Bank

EMPOWER BANK, a youth and small to medium enterprises focused lending institution, will receive an additional ZW$500 million in funding for on-lending as the Government forges ahead with its youth empowerment initiatives, President Mnangagwa announced on Monday.

The bank, as its name implies, is focused on project financing at micro and mediumscale levels, mainly for youths.

It is meant to address youths’ inaccessibility to capital, mainly arising from lack of collateral security, and to spur their involvement in the mainstream economy.

Addressing youths during National Youth Day commemorations in the capital, President Mnangagwa said he had been informed that funding had been oversubscribed hence the need for more resources.

“The Permanent Secretary for Youths (Dr Thokozile) Chitepo told me that the youth fund at Empower Bank is running low, she was saying that we need another $500 million and I said you shall get it,” he said.

President Mnangagwa said the Second Republic, was focusing on availing more economic
opportunities for the youth and expressed his admiration for youths who have ventured into various self-empowerment projects such as mining and farming.

“I call upon the young people to take advantage of the growth in the agricultural sector by locating themselves in the agro-processing value chains. Your Government is ready to support you and empower you.

“Be counted, play your part in your own country. Whatever you aspire to do in life, the Second Republic will support you,” he said.

“I am impressed by the socio-economic contributions you are making as young people in your various small and medium enterprises. Your hustle is important and invaluable to both your families and the economy as a whole.”

President Mnangagwa, who described youths as Zimbabwe’s “greatest asset,” encouraged greater commitment, ingenuity and energy to help achieve Vision 2030. –
New Ziana.-The Chronicle