Government says it has opened up a Fund Collection Account with Finance Bank to simplify the loan repayment system for beneficiaries of the youth development fund (YDF ).
And government, through the ministry of Youth and Sport has advanced negotiations with the Zambia Postal Services to open windows at all the postal firm’s branches for youths who have benefitted from the YDF loans to deposit their repayments.
ZANIS reports that Youth and Sport minister Chishimba Kambwili announced this in Solwezi yesterday.
This was when he handed over K1.5 million in cheques to 44 groups in North Western province.
The money is part of the K19 million government has set aside this year under youth development fund to empower youths to become part of the wealth and job creation economic activities in the country.
Mr Kambwili said the move to open a youth development fund collection account with Finance bank is meant to ensure that youths do not have to travel to Lusaka to repay their loans.
He urged the youths benefiting from the fund to use the facilities put in place to pay back borrowed funds to ensure the programme that operates on a revolving fund can be sustained.
He said government will also treat as fraud any case of youths misapplying the borrowed funds and all culprits will be prosecuted before the courts of law in order to recover the money.
He said such action will serve as a lesson to other youths who would be harbouring similar motives to defraud government.
ZANIS
Was this not planned before?
That money rich nd old people benefit not poor youth in rural.coruption nd stealing only.
true
I thought government had shares in Zanaco? So why Financee bank?
Just be firm with predator borrowers. They will borrow the money with intentions of never tpo pay back. If the punishment you talk about is just words on paper, that fund is sitting on quick sand. The mentality of Niva Boma can hinder progressive thought behind good intentions. Think of happenings at Citizen Empowerment Fund.
Rajan Mahtani mafioso has his bloody hands all over this deal!
Good move hope the money is accessible to all youths and not only those connected to party lines.
IT IS NOT ONLY FOR PF CADRES
Good development, I urge the youth to use this opportunity and money wisely.
only to relatives
How does one apply for this fund, though?
WHAT HAPPENS TO THOSE YOUTH WHO STARTED A BUSINESS THEN IT FAILED TERRIBLY. IT WAS A GREAT BUSINESS BUT MAYBE THEY WERE IN THE WRONG LOCATION?
We have certificate as a youth group, then what do we do to access these funds?