Bank to support youth projects, says Burundi Vice-President

The Burundian government intends to set up an investment bank for the youth, the First Burundi Vice-President told journalists.

Gaston Sindimwo, Burundi’s First Vice-President: “The bank will provide loans only to development projects of youth associations”

In an attempt to promote development and to avert Burundi’s looming youth crisis, President Nkurunziza has announced plans to set up an investment bank that will provide loans to young people.

Burundi’s First Vice-President, Gaston Sindimwo told journalists on 3 February that that bank will soon open its doors. It is part of the Government’s policy to promote youth development. “A team of experts are studying its establishment,” he says. Sindimwo also noted that Burundi’s youth have been used to promote violence in the past.

He called on young people to form youth associations in order to work together. “The bank will provide loans only to development projects of youth associations,” he said.

The bank executives will analyze the projects presented by youth associations in order to finance them according to their credibility.

“This bank will allow young people to carry out their development projects. This is good news for us young people, “says Eric Hakizimana, a member of the youth association Action for Peace and Development. However, he doubts about the criteria that will be considered to grant loans to those youth associations

According to the Institute of Statistics and Economic Studies of Burundi, ISTEEBU, young people aged between 18 and 35 represent 52% of Burundi’s population.

Burundi is facing a huge youth unemployment problem. 52.5% of young people are unemployed, according to the survey conducted by two local NGOs, ADISCO and REJA, in November 2016.