Press briefing of Cabinet Decision taken on 2021-03-23

Establishment of the Youth Enterprise Development Fund

- A major challenge faced by the community of youth entering the field of business as new entrepreneurs is the dearth of sufficient financial resources for investing in their businesses. And, the young entrepreneurs already involved in the field of business also confront various issues in securing the required financial resources. It has been made clear that the youth entrepreneurs face several difficulties consequent to their attempts to secure the required financial resources through various informal methods. It has been proposed through the national policy framework of the Government, 'Vistas of Prosperity & Splendour', to initiate a Youth Development Fund and a Youth Development Lottery for promoting the said Fund. As such, the proposal made by the Minister of Youth and Sports to establish the said Fund through a Parliamentary Act and to instruct the Legal Draftsman to draft a Bill for the purpose, was approved by the Cabinet.