With the Ministry of Youth, Indigenization and Empowerment recently releasing funds for the allocation to youths with bankable ideas through the Commercial Bank of Zimbabwe (CBZ), this article couldn't have come at a better time. Political leaders and lobby groups are pushing for tighter controls on lending to youth and women groups to reduce default rates.
Borrowers have stopped servicing their loans, reporting default rates of about 40 per cent, Youth and Women Enterprise Development Fund managers say.
Analysts say cash will soon run out since the kitty is a revolving fund— in which the repaid installments are used to advance more loans to new borrowers.
Read full article at Business Daily HERE.
Disclaimer: - Whilst every effort has been made to ensure the accuracy of the information supplied herein from other websites, CIYDA cannot be held responsible for any errors or omissions. Unless otherwise indicated, opinions transferred from other websites and expressed herein are those of the author of the ORIGINAL article and do not necessarily represent the views of CIYDA, CIYDA Executive Director, CIYDA Team or CIYDA Associates.
What is CIYDA
Contemporary Indigenous Youth Development Africa (CIYDA) is a non-profit organisation founded in 2008 and is based in Harare, Zimbabwe. CIYDA is working to develop and empower the youths of Zimbabwe for the benefits of the nation and Africa as a continent through the use of new media, information technology and networking amongst other things. Through these drivers, CIYDA aims to facilitate an information hub and service provision in the areas of Business Start-up, Social & Cultural Integration, Socio-economic Mentoring and Volunteering. Through current globalization trends and dispersion of Zimbabwean youths, CIYDA currently has a network connection of approximately 500 Zimbabwean youths in many countries amongst them, Zimbabwe, South Africa, Namibia, Botswana, United Kingdom, United States of America, Australia and Canada.
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