Business / Companies
Zanu-PF promise to rescue financial institutions
17 Jul 2013 at 05:24hrs | Views
Zanu-PF says it will use resources from indigenisation and mineral assets to recapitalise some State-owned financial institutions should it win the harmonised elections set to be held on July 31.
Plans for the rescue operations are described in the party's manifesto.
The targeted financial institutions are the Infrastructure Development Bank of Zimbabwe, Agribank and the Small Enterprises Development Corporation.
The revolutionary party intends to capacitate IDBZ to the tune of $5 billion, Agribank $2 billion and Sedco, a financing vehicle for small to medium-sized businesses, will be recapitalised to the tune of $300 million.
Meanwhile, President Mugabe has warned local banks against charging exorbitant interest on people running small businesses, saying if elected his government will stop this.
Addressing a rally in Marondera on Monday, Mugabe said banks should be for the people and stop charging high interest rates to clients.
Mugabe took a swipe at MDC-T secretary-general Tendai Biti, who is also the Finance minister in the inclusive government, accusing him of holding on to the $500 million Special Drawing Rights he received from the International Monetary Fund.
Plans for the rescue operations are described in the party's manifesto.
The targeted financial institutions are the Infrastructure Development Bank of Zimbabwe, Agribank and the Small Enterprises Development Corporation.
The revolutionary party intends to capacitate IDBZ to the tune of $5 billion, Agribank $2 billion and Sedco, a financing vehicle for small to medium-sized businesses, will be recapitalised to the tune of $300 million.
Meanwhile, President Mugabe has warned local banks against charging exorbitant interest on people running small businesses, saying if elected his government will stop this.
Addressing a rally in Marondera on Monday, Mugabe said banks should be for the people and stop charging high interest rates to clients.
Mugabe took a swipe at MDC-T secretary-general Tendai Biti, who is also the Finance minister in the inclusive government, accusing him of holding on to the $500 million Special Drawing Rights he received from the International Monetary Fund.
Source - herald
