Party leaders at ward level in Harare say that anyone who supports Zanu (PF) and understands the ideology of President Robert Mugabe “of empowering the people” is entitled to get the loan. Zanu (PF) supporters are being charged $5 for a two-hour training session on how to write project proposals and manage funds.
Youth Development, Indigenisation and Empowerment Deputy Minister Tongai Matutu said that the disbursement of the fund would not be being politicized. He urged youths to disassociate themselves from any political party for the purposes of getting the funds.
“It is of no consequence that a person belongs to a political party because this exercise is being run by CABS on behalf of the ministry. The ministry would not assess the proposals as in the past,” said Matutu. He said those asked to part with $5 to undergo training were being duped, and distanced the ministry from such practices.
“We have no arrangement with any organisation to ensure that they train our youth for the purposes of getting funds,” he said.
Old Mutual Chief Executive Officer Luke Ngwerume said the loans were “flexible and youth friendly” in that there is no collateral required for one to access the loan but the viability and bankability of the proposed project becomes collateral.
The $11 million facility was launched by Old Mutual in compliance with the indigenisation regulations. Each province will receive $1 million and the Ministry of youth will get $1 million to use in administering the funds.
Post published in: News