News / Local
DIMAF update - CABS disburse $3,9 million to 10 firms
16 Apr 2012 at 07:48hrs | Views
CENTRAL Africa Building Society (CABS) has only disbursed $3,9 million to 10 distressed companies in five approved areas.
In an update on Monday, the building society said "in conjunction with Old Mutual Zimbabwe and the Government of Zimbabwe is proud to announce that the Fund has started disbursement of funds to beneficiaries."
It said funds will allow companies to purchase equipment and raw materials for use in the enhancing their output and quality of goods and to assist them in meeting their operating costs.
According to the update, $3,963 750 00 has been approved but $3 128 750 00 has been disbursed meaning that $835 000 00 is pending disbursement.
It said 49 applications have been received and just 10 approved.
However, the money has been disbursed to companies in Bulawayo, Harare, Victoria Falls, Goromonzi and Marondera.
In an update on Monday, the building society said "in conjunction with Old Mutual Zimbabwe and the Government of Zimbabwe is proud to announce that the Fund has started disbursement of funds to beneficiaries."
It said funds will allow companies to purchase equipment and raw materials for use in the enhancing their output and quality of goods and to assist them in meeting their operating costs.
According to the update, $3,963 750 00 has been approved but $3 128 750 00 has been disbursed meaning that $835 000 00 is pending disbursement.
It said 49 applications have been received and just 10 approved.
However, the money has been disbursed to companies in Bulawayo, Harare, Victoria Falls, Goromonzi and Marondera.
Source - Byo24News
