Youth empowerment minister calls for removal of collateral requirements on youth funding
via NewsDay Zimbabwe5 min read
Youth Empowerment, Development and Vocational Training minister Tinoda Machakaire has urged the government and financial institutions to eliminate collateral requirements for youth funding. He stated that the majority of young people are excluded from existing funding opportunities because they lack the assets required by traditional lending institutions. Machakaire emphasized that if there is a serious commitment to empowering young people, funding models must be restructured to be accessible based on potential, innovation, and viability, rather than solely on asset ownership. He believes that removing collateral requirements would unlock youth potential and stimulate economic growth. Meanwhile, Procurement Regulatory Authority of Zimbabwe chief executive officer Clever Ruswa encouraged young entrepreneurs to formalize their businesses to benefit from government procurement opportunities, noting a 58% year-on-year growth in procurement activity. Ruswa also mentioned that amendments to the procurement law are before Parliament, aiming to strengthen provisions for domestic preference and support for previously disadvantaged groups, including youth-led enterprises.
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