By Bahle Gama
Minister of Sports Youth and Culture Harris Bulunga says the Youth Fund is under-utilised. He urged young people to borrow a lot and invest in their start-ups.
Bulunga was speaking during a press conference where he was unveiling the new Youth Enterprise Revolving Fund (YERF) board. However, the minister did not disclose how much was currently available in the Fund.
“As the Youth Fund we are currently sitting on a lot of money that is supposed to be in young people’s hands who have the zeal to start their businesses,” he said.
He urged the newly appointed Board to look into the reasons why the money is under-utilised and review several logistics.
“The Board is urged to review the regulations for applying and disbursing the funds. [They must] further assess the applications by these young people and understand the business concepts/ plans in the sense that is it relevant to the time and the state of the economy in a country and at an international level,” said Bulunga.
He further stated that Board needed to ensure that the Fund stays alive for many young people to access for many years to come.
“We expect the Board to improve the level and speed at which the money is disbursed to the young people,” he said.
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The minister stated that the level at which it is being applied does not show enthusiasm and seriousness to have access to it.
“Therefore, we urge the Board to ensure that whilst executing its duties, it positions the fund in a way that young people will have the zeal to put in an application and access the money for their businesses,” he said.
In previous years, YERF has reported that young people were not being innovative in their business plans in that lesser beneficiaries would reap from the Fund, with each year giving pointers and sectors which young people need to tap into for their businesses to be relevant and thrive.
According to the YERF website, in 10 cycles E13.2 million worth of loans have been approved, financing 243 businesses and creating 718 jobs in Eswatini.
