Zimbabwe seeking R9 billion for local industry from SA

Government is seeking R9 billion (about US$635,8 million) loan or bond from the South African private sector, in a bid to capacitate the local industry, which is struggling to ramp up production due to a range of issues particularly a lack of finance.

Once the negotiations are concluded positively, the local manufacturing sector, especially firms with a bias towards the export market, would obtain the funds to procure raw materials and equipment. It is a revolving facility that is being crafted.

Finance and Economic Development Minister Professor Mthuli Ncube, was recently in South Africa, where he met investors at First Rand to mobilise support for the syndicated.