(Ecofin Agency) - A new $100 million fund will be created in Q3 or Q4, 2019, to support local entrepreneurs, Strive Masiyiwa (photo), announced in a statement quoted by Forbes.

The new fund named “Masiyiwa Rural Challenge Fund” will be fully funded by the businessman and, it will grant $1,000-$10,000 5-year non-secured loans with a 5% maximum interest rate.

These loans will be granted via Steward Bank mainly owned by Masiyiwa’s family.

“We have also challenged our friends in the philanthropy community to join us to expand it across Africa,” the businessman said in his statement.

This announcement is made amid a tense socioeconomic environment marked by demonstrations since January 2019. In late January 2019, the main telecom operators in the country were forced to stop offering their internet services.

Zimbabwe has been ranked by the UN as 156^th in terms of human capital development. In addition, World Bank indicated that the poverty line reached 72% in the country in 2011.

 Moutiou Adjibi Nourou