R50-million fund established for young KZN entrepreneurs

YOUNG entrepreneurs have been encouraged to tap into industries to contribute more meaningfully to economic growth and the development of the province.

Examples include agriculture, textile, mineral beneficiation, energy and maritime industries.

Speaking at the launch of the KZN Youth Business Development Fund in Durban last week, Acting Premier Sihle  Zikalala said as a coastal province the full potential of marine economy must still be utilised.

‘We won’t hesitate to fund viable ventures in the maritime sector in line with our objectives of unlocking opportunities in the oceans economy.

‘Clothing and textiles are other priority sectors in which we believe young people can have an important role to play.’

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Zikalala said the Richards Bay Industrial Development Zone has been earmarked for energy infrastructure development and young entrepreneurs should look to link up as there will be endless opportunities.

The youth will be assisted through the R50-million fund which has been established to help young entrepreneurs who do not qualify for bank loans.

The fund will also assist with entrepreneurial skills development.

Committees will be appointed to oversee the disbursement of funds.