Econet founder Strive Masiyiwa alongside his wife Tsitsi Masiyiwa announced a $100 million fund for rural businesses in Zimbabwe yesterday,as part of their extensive philanthropic work in Zimbabwe and across Africa
“I want to use this initiative to challenge global donors to support mass entrepreneurship in Africa by putting my own money into what I believe in” said Masiyiwa.
25% of the fund will go to Matabeleland and 50% to women, whilst the primary focus remains on the youths. The fund does not accommodate any political lobbying or support.
Masiyiwa and his wife decided to set up the special fund of $100m over 5 years for ReImagine Rural in Zimbabwe and has also extended a challenge to their peers in the philanthropy community to come on board and help to expand it across Africa.
“The fund which is our own personal money will be disbursed as loans through Steward Bank (a member of the Econet group).” said Masiyiwa.
The money will support projects from rural entrepreneurs or those entrepreneurs willing to focus on rural areas.