About 40 per cent of youths who got loans under YDF, the Youth Development Fund in 2012 in Eastern Province have not paid back the money.
In 2012, government disbursed over 2.2 million Kwacha YDF to 73 young entrepreneurs in the province.
Eastern Province Permanent Secretary Chanda Kasolo told Breeze News that some 2012 beneficiaries of YDF have failed to pay back the money because they used funds for other personal benefits than engaging into businesses that will earn then profit.
Mr. Kasolo however, says other 2012 beneficiaries are still paying back the loans bit by bit, adding that government had to top up the money that was recovered to give out this year’s loans.
He says this year’s YDF beneficiaries have undergone training to educate them on the kind of businesses to venture into that will give them profit so that they do not default.
The Permanent Secretary says the Ministry of Youth, Sports and Child Development will be monitoring the young entrepreneurs so that they are sure of the type of business they are doing.