USAID avails $8 million for youth projects

Stephanie FunkBrighton Gumbo Business Reporter
THE United States Agency for International Development (USAID) in partnership with the Swedish and British governments has availed $8 million to fund economic projects by Zimbabwean youth graduates.

The money will fund technical, vocational and entrepreneurial skills training of thousands of youths in the next three years.

The head of USAID in Zimbabwe, Stephanie Funk said: “USAID’s goal is to end extreme poverty and one of the ways to do that is through economic development. That’s why we’re very excited about phase two where we’ll assist young entrepreneurs”.

The funding is aimed at buttressing a similar initiative that began in 2012 where 8,500 young entrepreneurs benefited from mentoring programmes on entrepreneurship.

Funk said the new scheme would help decrease unemployment rates and improve living conditions for youths.

“We expect to assist 22,500 young entrepreneurs in the next few years,” said Funk.

He said the initiative will play a critical role in curbing the growing informal market in the country.

“As you know in Zimbabwe there has been a shift from formal market to the informal market. Many people are earning a living through the informal market so learning about entrepreneurship is very important,” said Funk.

Zimbabwe’s economy has been facing numerous challenges that range from low industrial production, liquidity constraints and skills flight following imposition of illegal sanctions by the West and its allies since the turn of the millennium.

Records indicate that less than 10 percent of the more than 300,000 graduates churned out every year from tertiary institutions are absorbed in the formal job market.

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