Only 353 of 13 700 funds approved …Govt overhauls youth fund applications

The Ministry of Finance is moving to overhaul the National Youth Development Fund’s (NYDF) application process after overwhelming demand exposed significant challenges in the quality of applications submitted by aspiring entrepreneurs.

This has resulted in only a fraction of applicants qualifying for funding. The main aim of the fund is to reduce high unemployment, foster domestic entrepreneurship, and drive economic participation across all 14 regions without requiring traditional collateral.

While the fund has attracted over 13 400 applications from across Namibia since its launch, only 353 youth-owned businesses, or about 2.6% of total applicants, have so far been approved for funding.

The figures have prompted the ministry and its development finance partners to introduce sweeping reforms aimed at improving application quality, accelerating approvals and modernising the administration of the fund. Responding to New Era queries, Ministry of Finance spokesperson Wilson Shikoto said the low approval rate should not be interpreted as widespread rejection of applicants but rather reflected shortcomings in the quality and completeness of many submissions.

According to exclusive information received from the ministry, approximately 13 120 applications remain under assessment or require further enhancement before they can proceed through the approval process. Also, if disbursement accelerates in line with the growing pipeline of approved projects, the government expects the fund to finance hundreds more youth-owned enterprises and support thousands of additional jobs over the next two to three years.