$50m industrial loans up for grabs
THE Industrial Development Corporation of Zimbabwe (IDCZ), a wholly owned Government financial institution, is offering loans to manufacturers, exporters and importers under the industrial development fund.
IDCZ’s mandate is to support value addition, capital formation, wealth and employment creation through industrial development.
Government is funding a number of programmes aimed at reviving the manufacturing industry in an effort to boost production in order to meet both local and export demand.
In a statement, IDCZ said it is inviting bankable applications from firms outside Harare province for consideration for funding under the industrial development fund.
“Targeted beneficiaries should be corporates (brownfield/greenfield) who are into manufacturing and value-adding activities, especially those who are exporting or have potential to export and import substitution with high employment impact,” said IDCZ.
The agency said the loans to be disbursed would be on a first come first serve basis and the loan tenure is 12 months for working capital and 24 months for capital expenditure.
Prospective applicants should acquaint themselves with the fund’s list of application requirements and submit a bankable business plan, which includes all other applicable requirements together with a duly completed application form to the IDCZ.
Minister Mthuli Ncube
In the 2023 national budget statement, Finance and Economic Development Minister, Professor Mthuli Ncube, said as part of the thrust to strengthen domestic value chains and economic transformation, Government was capacitating IDCZ to support its subsidiaries to value-add raw minerals into compound fertilisers and other products that are being imported as part of the local content strategy.
Already, one of the subsidiaries, Chemplex Corporation was capacitated with a new plant to enable the production of grain protectant to reduce post-harvest losses and tick grease, which should result in decreased cattle death from the “January disease”, he noted.
IDCZ has an investment portfolio in the motor and transport sector (Willowvale Motor Industries and Deven Engineering), fertiliser and chemicals (Chemplex Corporation Ltd), cement production (Sino Zimbabwe Cement Company) and agro-processing (Olivine Industries Zimbabwe and Surface Wilmar Zimbabwe).
The unit also has investments in textiles (Afroran Spinners (Pvt) Ltd), packaging (Zimbabwe Grain Bag), insurance (Allied Insurance Company (Pvt) Ltd), and real estate (Sunway City (Pvt) Ltd).-chronicle.co.zw
