Source: The Herald – Breaking news.
President Mnangagwa 
Joseph Madzimure
Senior Reporter
PRESIDENT Mnangagwa will tomorrow launch the revolving Presidential Youth Fund at Harare International Conference Centre, a landmark initiative aimed at empowering young people.
The fund is part of the President’s broader vision to drive economic development and support young people in acquiring education, skills and employment opportunities.
The initiative recognises the youth as the backbone of the nation’s progress and seeks to equip them with the tools to thrive in a rapidly evolving global economy.
The fund will focus on education and skills development, providing financial support for youth-led projects in sectors such as mining, agriculture, tourism, and entrepreneurship.
At least 5 000 youths from across Zimbabwe’s 10 provinces are expected to attend the launch.
The initiative is designed as a revolving fund, ensuring accountability and sustainability by requiring beneficiaries to repay the funds, which can then be reinvested to support other youth initiatives.
The President has also introduced the Presidential War Veterans Fund, which provides direct financial support to Zimbabwe’s former liberation war fighters.
This initiative seeks to improve the quality of life for war veterans and honour their contributions to the country’s liberation struggle.
At the launch, mining and agricultural equipment will also be distributed under the Farm Mechanisation Programme, as well as pushcarts donated by Dairibord Holdings Limited and Varun Beverages to help youths start their own businesses.
Zanu PF deputy secretary for Youth Affairs, Cde John Paradza, said the fund was designed to provide starter packs for youths to kick-start their ventures, whether in mining, agriculture, tourism, or other sectors.
“President Mnangagwa will be giving starter packs to the youth so they can start their businesses, be it in mining, agriculture, tourism, or any other business. It’s a revolving fund,” he said.
The launch of the Youth Fund is expected to be attended by investors from Asia, who are keen on investing in the country and creating jobs for the youth. Invited by Special Presidential Investment Advisor to the United Arab Emirates Dr Paul Tungwarara, four business tycoons, with a combined net worth of nearly US$500 million, will be at the launch.
The investors, poised to inject fresh capital, are scouting for opportunities to drive the country’s economic growth across multiple sectors, including education, renewable energy, and healthcare.
Among the investors are Dr Ajeenkya Patil, Mr Rajat Verma and Mr Ravi Reddy, renowned multimillionaires from India, as well as Mr Lalu Samuel, a prominent millionaire from the United Arab Emirates.
In a letter to the President, Dr Tungwarara said: “Dr Ajeenkya Patil serves as the chairman of the DYPATIL Group, a prominent organisation based in Pune, India, that operates across education healthcare, and skills development.
“Financially, the group has demonstrated stability, with audited revenues of US$144 million in 2023, primarily generated from tuition fees, healthcare services, and corporate training.”
Mr Reddy’s net worth is over US$140 million.
“Ravi Reddy is the managing director and CEO of the Viceroy Group, a luxury hospitality chain with properties in India and the UAE, and has diversified into coal mining and solar panel manufacturing.
“In terms of financial stability, the hospitality division generated US$120 million in revenue in 2023, while the solar division contributed an additional US$25 million.”
Mr Verma’s firms generated annual revenues exceeding US$45 million, with projections indicating a growth of over 200 percent by 2026, while Mr Samuel’s business ventures boast revenues of over US$80 million annually.
“These investors present valuable opportunities for Zimbabwe’s economic growth across various sectors, including education, renewable energy, and healthcare.”
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