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Indigenisation and Empowerment that about 3 253 projects were funded under the US$7,5 million loan facility.
Some of the financial institutions that disbursed money included CABS, CBZ, Infrastructural Development Bank of Zimbabwe, ZABG (now Allied Bank) and Stanbic Bank.

He said the funds were meant to promote youths in enterprise development.“The Youth Development Fund and other Youth Empowerment facilities have been adopted as a way of involving financial institutions in the funding of youth projects,” he said.“These empowerment facilities support viable youth economic empowerment projects and entrepreneurship development programmes, which meet provisions of the national youth development policy frameworks and national development priorities.
“This programme is not about scoring points whether religious or political points.
“The objective is to alleviate poverty which is also one of the objectives of the United Nations through Millennium Development Goals.”
CABS released almost US$3,6 million which benefited 2388 projects, Stanbic Bank availed US$3 million that was disbursed to 124 projects while CBZ disbursed almost US$746 000 to 531 projects.

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IDBZ under Meikles Out Grower Scheme released US$100 000 to 22 projects while IDBZ’s Youth Development Fund availed almost US$100 000.
ZABG disbursed almost US$28 000 which benefited 30 projects.
Mr Magosvongwe said loans were being extended to projects in all sectors of the economy among them agriculture, distribution, manufacturing, services and mining sector.
“We  expect  the youths to repay their loans so that we can have a revolving fund because there is a liquidity challenges facing all financial institutions.
“We are waiting to accumulate money from repayments so that more loans can be availed.
“At the moment we are operating at about two-thirds repayment rate but we want 100 percent returns so that we can have a revolving fund,” said Mr Magosvongwe.