AfDB approves US$3,5mln Zim youth/women fund

THE Africa Development Bank (AfDB) has approved a US$3.5 million Sustainable Enterprise Development funding to support youth and women in Zimbabwe to improve incomes and create employment.

THE Africa Development Bank (AfDB)
AfDB principal country economist, Mr Kelvin Banda, revealed this in an address during the inaugural National Youth Business Expo that was held in Bulawayo last week.

He said the project will target horticulture, dairy farming and small-scale miners. “We have already approved a new project, the Sustainable Enterprise Development for women and youth for an amount of about US$3,5 million,” said Mr Banda.

“The new project will consolidate the gains that have been made to date.
The aim of the new project is to improve incomes and creation of decent jobs for both women and youths.

“We will target at least 1 000 young entrepreneurs, a minimum of 500 women businesses, 700 artisanal miners and 500 farmers.”

The youth expo was geared at assisting young entrepreneurs from the country’s 10 provinces to grow their business potential and tap into local and global trade markets.

It was organised by the Ministry of Youth, Sport, Arts and Recreation with the support from the AfDB and ran under the theme: “Revitalising and Empowering Youth Business Across Value Chain”.

Mr Banda said the bank has since 2017 been supporting the Youth and Women Empowerment Project (YWEP), which comes to an end this month and was funded to the tune of US$4,7 million.

The project is managed by the Programme Management Unit (PMU), which is housed within the Ministry of Finance and Economic Development.

Its overall objective is to contribute towards the improvement of livelihoods for youth and women through the development of economic opportunities.

The immediate beneficiary ministries are the Ministry of Youth, Sport, Arts and Recreation, Women Affairs, Gender, Community, Small and Medium Enterprises and Cooperatives Development.

The project is delivered through two pathways – income-generating projects and institutional support.
Industry and Commerce Minister, Dr Sekai Nzenza Speaking at the same event, Industry and Commerce Minister, Dr Sekai Nzenza applauded AfDB for its economic empowerment drive in Zimbabwe.

However, she said it was imperative for the youth in rural communities to have access to funding.

“We thank the AfDB for its youth and empowerment project and that financial support of this project is coming to an end this month,” said Dr Nzenza.

“But the good news is that there is a US$3,5 million.
People need to know how to access that money.
We have a lot of youths in rural areas with incredible ideas.

They want to embark on innovative projects but they need to know how to access that funding.”

According to the minister, empirical evidence shows that developed countries owe their development and growth to young entrepreneurs who invested their effort towards solving challenges that were inherent in their economies.

“As Zimbabweans, we stand to benefit in the same way by supporting our youths hence our call as Government for the continuation of such partnership between the African Development Bank, the private sector and non-governmental organisations, since we believe they all have a role to play in pursuit of fostering entrepreneurial skills to youths,” said the minister.

“This allows for the economy to sustainably achieve economic growth and development.” — The Chronicle