Distressed Industry Funds in danger of failing to serve its purpose - Zupa

The Zimbabwe Unemployed People's Association (Zupa) has said the Distressed Industries and Marginalised Areas Fund (Dimaf)  is in danger of failing to serve its purposes and  Government  should urgently hands over the project to the people of Bulawayo to manage it.

Zupa said business people, industry federations, chambers of commerce, workers' unions, residents associations, academics from Bulawayo should form a committee to manage the $40 million Dimaf.

Bulawayo has people who are willing and capable of implementing a successful programme of recovery for the city given the resource, it said.

"It is for that reason that we, as ZUPA, on behalf of the unemployed people in Bulawayo and surrounding areas now ask the Government of Zimbabwe to change course and allow the capable people of Bulawayo to manage the Dimaf,"  Zupa said.

De-industrialisation in Bulawayo has resulted in more than 87 companies closing shop in Bulawayo and more than 20,000 people losing jobs.

ZUPA said it would ensure that in every board of a company given a bailout, there is a ZUPA member representing the interests of the ordinary residents of Bulawayo.

"The board member would ensure that the bailed out company employs people from Bulawayo and the surrounding areas once jobs are created," it added.

By last week only three firms had their applications approved by CABS and other companies say the set  criteria is to stringent to access the funds.

Minister of Industry and Commerce Welshman Ncube hinted that Cabinet, after receiving complaints from industries it was agreed that further consultations should be done with CABS.