Econet founder Strive Masiyiwa and his wife Tsitsi have announced a US$100 million revolving fund for the support of rural businesses in Zimbabwe.
Masiyiwa said he has appealed to his friends to avail more funds so that the project can be expanded across Africa. Said Masiyiwa:
My wife and I have decided to set up a special fund of $100m over 5 years for ReImagine Rural in Zimbabwe. We have also challenged our friends in the philanthropy community to join us 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).
Masiyiwa said the money will support projects from rural entrepreneurs or those entrepreneurs willing to focus on rural areas. Matabeleland region will access 25 percent of the funds, while women will get 50 percent.
More: ZBC