News / National
Nephew to fulfill Mugabe's 2,2 million jobs promise
03 Apr 2016 at 07:25hrs | Views
Youth, Indigenisation and Economic Empowerment Minister Patrick Zhuwao has said his ministry is moving with speed to create two million jobs countrywide.
He said public consultations on the implementation of the National Financial Inclusion Strategy are soon to be held.
Each House of Assembly constituency in the country will be allocated $1 million worth of credit to harness its resources.
He said there was over $200 million worth of loans from local banks which his ministry has decided should be extended to constituencies to capacitate them to exploit the respective resources that they have and in turn create employment for locals.
According to policy measures for banks to comply with the indigenisation and economic empowerment policy, contained in the January monetary policy statement, affected banks are expected to allocate five percent of their total lending towards funding youth programmes.
With the total lending capacity for local banks standing at $4,3 billion, $215 million worth of credit will be made available to the 210 constituencies in the country.
"Our officials will soon go on the ground to meet people and get views on how the strategy can best be implemented. People of Zimbabwe should start engaging our ministry officials now in their districts to give them ideas on how best we can fulfil the objectives of the programme."
"We would want to implement the national financial inclusion strategy in a manner that will allow first, the development of bankable projects. The funds must be administered taking into account all the necessary legislative requirements in a manner that will ensure these won't become non-performing loans.
"The workshop with the RBZ has been postponed to a date we are yet to set because we are still dealing with this directive from Cabinet on compliance to the indigenous law by companies. Once we are done with this issue we will certainly continue with our programme," he said.
"Each constituency will be eligible to $1 million worth of credit from banks for projects that are based on the resources found in that particular area. Zimbabwe is blessed with diverse resources and each area has its own resources.
"Some of the resources are lying idle because there is lack of capital to start exploiting them. Now that the funding is there we want to see communities coming up with bankable projects towards exploiting these resources," he said.
Zhuwao added: "President Mugabe pledged to create 2,2 million jobs and this is part of efforts to fulfill that commitment. We are looking at companies being created in the various constituencies, companies that will create employment as well as spur development in those respective areas."
He said public consultations on the implementation of the National Financial Inclusion Strategy are soon to be held.
Each House of Assembly constituency in the country will be allocated $1 million worth of credit to harness its resources.
He said there was over $200 million worth of loans from local banks which his ministry has decided should be extended to constituencies to capacitate them to exploit the respective resources that they have and in turn create employment for locals.
According to policy measures for banks to comply with the indigenisation and economic empowerment policy, contained in the January monetary policy statement, affected banks are expected to allocate five percent of their total lending towards funding youth programmes.
With the total lending capacity for local banks standing at $4,3 billion, $215 million worth of credit will be made available to the 210 constituencies in the country.
"We would want to implement the national financial inclusion strategy in a manner that will allow first, the development of bankable projects. The funds must be administered taking into account all the necessary legislative requirements in a manner that will ensure these won't become non-performing loans.
"The workshop with the RBZ has been postponed to a date we are yet to set because we are still dealing with this directive from Cabinet on compliance to the indigenous law by companies. Once we are done with this issue we will certainly continue with our programme," he said.
"Each constituency will be eligible to $1 million worth of credit from banks for projects that are based on the resources found in that particular area. Zimbabwe is blessed with diverse resources and each area has its own resources.
"Some of the resources are lying idle because there is lack of capital to start exploiting them. Now that the funding is there we want to see communities coming up with bankable projects towards exploiting these resources," he said.
Zhuwao added: "President Mugabe pledged to create 2,2 million jobs and this is part of efforts to fulfill that commitment. We are looking at companies being created in the various constituencies, companies that will create employment as well as spur development in those respective areas."
Source - Sunday News
