Business / Economy
Govt avails US$40 million to resuscitate Bulawayo companies
06 Oct 2011 at 21:12hrs | Views
Zimbabwe government has availed US$40 million for the resuscitation of Bulawayo companies and urged the firms to start applying for the money immediately, state controlled "The Herald" reported on Friday.
Industry and Commerce Minister Welshman Ncube on Thursday said Cabinet had approved the funding.
"All of the money is immediately available and companies can start applying for it," said Minister Ncube, who is the chairman of the task force committee on the "Let Bulawayo Survive" campaign.
"While there is going to be a shortfall, this is not the only funding coming for Bulawayo.
"The Government will go further and assist the banking sector to provide more capital on a long term basis," he said.
"Companies that will not get funding this year will be assured of getting assistance in the 2012 allocation.
"There is another funding scheme on the way, which would avail US$12 million."
In a statement, Zanu-PF national chairman, Simon Khaya Moyo, lauded the initiative as a milestone towards facilitating development in Bulawayo and Matabeleland region as a whole.
"The Zanu-PF leadership in Matabeleland is pleased to note that Cabinet this week finally approved an initial funding towards the initiative to resuscitate key infrastructure as well as commerce and industry in the city of Bulawayo, which was launched last June under the directive of His Excellency President Robert Mugabe at the request of the Zanu-PF leadership in the region," said Khaya Moyo.
"The public record shows that the resuscitation of the city of Bulawayo and indeed the question of development throughout Matabeleland, has been a priority concern of the party's leadership in the region as exemplified by the setting up of various committees to address these matters over the years."
Meanwhile diplomats from five African countries yesterday toured Bulawayo's industries to assess how they could be helped.
The Zimbabwe National Chamber of Commerce organised the tour by ambassadors and embassy officials from Tanzania, Nigeria, Democratic Republic of Congo, Angola and Botswana.
The diplomats are expected to make recommendations on how their countries could assist Bulawayo firms at a conference to be held today.
Tanzanian Ambassador Addadi Rajabu said they were impressed by the factories' operations despite the challenges they were facing.
Industry and Commerce Minister Welshman Ncube on Thursday said Cabinet had approved the funding.
"All of the money is immediately available and companies can start applying for it," said Minister Ncube, who is the chairman of the task force committee on the "Let Bulawayo Survive" campaign.
"While there is going to be a shortfall, this is not the only funding coming for Bulawayo.
"The Government will go further and assist the banking sector to provide more capital on a long term basis," he said.
"Companies that will not get funding this year will be assured of getting assistance in the 2012 allocation.
"There is another funding scheme on the way, which would avail US$12 million."
In a statement, Zanu-PF national chairman, Simon Khaya Moyo, lauded the initiative as a milestone towards facilitating development in Bulawayo and Matabeleland region as a whole.
"The Zanu-PF leadership in Matabeleland is pleased to note that Cabinet this week finally approved an initial funding towards the initiative to resuscitate key infrastructure as well as commerce and industry in the city of Bulawayo, which was launched last June under the directive of His Excellency President Robert Mugabe at the request of the Zanu-PF leadership in the region," said Khaya Moyo.
"The public record shows that the resuscitation of the city of Bulawayo and indeed the question of development throughout Matabeleland, has been a priority concern of the party's leadership in the region as exemplified by the setting up of various committees to address these matters over the years."
Meanwhile diplomats from five African countries yesterday toured Bulawayo's industries to assess how they could be helped.
The Zimbabwe National Chamber of Commerce organised the tour by ambassadors and embassy officials from Tanzania, Nigeria, Democratic Republic of Congo, Angola and Botswana.
The diplomats are expected to make recommendations on how their countries could assist Bulawayo firms at a conference to be held today.
Tanzanian Ambassador Addadi Rajabu said they were impressed by the factories' operations despite the challenges they were facing.
Source - TH
