Establish Youth Bank demands Amos Mwale
By Derrick Sinjela published on Monday 11th July 2011
YOUTH Vision Zambia (YVZ) Executive Director Amos Mwale has called on financial lending institutions to provide other innovative resources to cater for the young people.
YOUTH Vision Zambia (YVZ) Executive Director Amos Mwale
Youth Vision wants the Zambian Government to heed pleas seeking introduction of a Youth Bank.
Mr. Mwale said that the move by lending institutions to reduce the lending conditions was a welcome which needed to be complimented by introduction of innovative resources targeted at young people.
“Young people want to venture in business but stiff scared to borrow from these lending institutions as collateral conditionalities make it impossible for any borrower to make investments sustainable. We need other innovative resources like land to cater for the young at heart who want to be economically independent. I know we can not tell these banks to reduce the lending conditions further than the average 16 per cent. The alternative is for Government through the bank of Zambia to broaden sources of investment finance for young people,” Mwale pleaded.
Mwale urged the corporate world to readily help young people access financial resources.
”Not all young people have white collar jobs though this category consists of the majority of citizens. Young people are in dire need of resources necessary to transform them into economically independent communities. We are appealing to stake holders to help young people attain appropriate skills,” Mwale appealed.
Last week some commercial banks reduced their lending rates following the reduction of the Bank of Zambia Reserve Ratio to five percent from eight percent.
