NYDA grilled over loan book
The agency’s officials are briefing Parliament on its loan books and general financial affairs.
CAPE TOWN - National Youth Development Agency (NYDA) officials have been grilled in Parliament about the state of the organisation's loan book and its general financial affairs.
The NYDA'S executive appeared before Parliament's Standing Committee on Public Accounts (Scopa) today and was asked to explain the agency's financial statements and annual report.
The NYDA'S loan book sits at R212 million, but it's unlikely that it'll be able to recover most of these loans.
Chief Financial Officer at the NYDA, Khathu Ramukumba, explained why they are struggling to recoup funds owed by young business people.
"Because we're a developmental institution we will still fund young people who may not necessarily have the securities of collateral if we believe that their story is viable."
The agency is in the process of switching from giving loans to handing out grants.