Govt engages banks to fund youth projects

Friday, September 02, 2016

The Ministry of Youth, Sport and Culture (MYSC) is currently in talks with one local bank to introduce invoice financing as a way of funding youth projects. The arrangement will be used to finance businesses to deliver their projects on time and use the Government Purchase Order (GPO) as a collateral.

Speaking to BusinessWeek, Minister Thapelo Olopeng said they decided to engage local banks after realising that most of youth businesses fail because they do not deliver their projects on time due to lack of finance.

“We realised that most of the businesses have the capability to deliver their projects but do fail due to lack of finance which makes them to be unreliable and tend to tarnish their reputation,” said Olopeng.

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