CABS has approved 101 youths projects under Old Mutual’s US$10 million Kurera-Ukondla Youth Empowerment Fund that was launched late last year. Another 383 000-project forms were completed and are awaiting approval.

Addressing youths yesterday, Old Mutual managing director Mr Zomunoda Chizura said most of the approved projects were from Harare province.

Some of the youths whose project proposals were approved received their cheques at the event.“Of the 101 approved projects, 65 are from Harare followed by a considerable number from Mashonaland East.

“As Old Mutual we did not think that the response would be so overwhelming like this and no one was geared for that,” he said.

Mr Chizura, however, said the fund would be disbursed equitably to all the 72 districts across Zimbabwe.

He said plans were afoot to establish a capacity building unit countrywide to help the youths in coming up with viable business proposals.

Mr Chizura said youths whose proposals were initially rejected should be recycled through the capacity building unit.

He said a board of trustees consisting of representatives from Old Mutual, CABS, Government and the Zimbabwe Youth Council has been established to administer the fund.

“Essentially there will be no rejection of applications because proposals that fail to meet the required standards will be referred back to the capacity building unit. They (youths) will be helped on what they should do and resubmit the forms,” said Mr Chizura.

Mr Chizura, however, said a shortage of application forms was due to the hand over of all 10 000 copies made available at the launch.

He said they had already printed another batch of 10 000 forms that could be accessed at CABS branches countrywide.

Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said a lot of ground had been covered for youths the access the fund.

He, however, expressed concern over CABS’ rejection of 2 000 applications without a satisfactory explanation.

“Maybe it was because they had not handled this scheme before. We have said our officials and Old Mutual should reassess the applications and see how best they can be handled,” he said.

Minister Kasukuwere urged youths to take advantage of the scheme and start businesses.He urged them to venture into manufacturing and other businesses that add value to Zimbabwe’s vast natural resource base.