Entrepreneurs and innovators in the country can now afford a sigh of relief following the decision by government through the ministry of finance to allocate funds of up to K2 billion in the 2025/2026 national budget, targeting innovators and entrepreneurs.
The funds will also be used to set up a “Youth Innovation Fund”, aimed at fostering technological advancement and entreprenuership among young people.
Finance minister Simplex Chithyola Banda made the announcement Friday last week as he was presenting the 2025/2026 Budget.
“Government is committed to see the country’s youths venture into entrepreneurship, which is why our ministry has thought it wise to come up with this allocation,” said Chithyola Banda.
Banda added that among others, youths who have shown exceptional talent in innovation will be given funds to further boost their ventures.
“At the end of the day, it is our wish as government to stop the tendency where some innovators have been offered scholarships outside the country, thereby, resulting in the country losing capable game changers,” said Banda.
Meanwhile, Youth Action for Success and Development (YASD) executive director, Edward Chidombe Msiska has commended government, saying it will help the country’s youths programmes.
“As youths, we are ready to utilize the funds and achieve big things,” said Msiska.
In the proposed K8.5 trillion budget, K30.9 billion has also been allocated to youth programmes as well as sports.
