Financiers commit to fund manufacturing firms

The recently held CZI Investment Forum saw financial institutions committing to fund the country’s manufacturing sectors for companies to access resources for retooling and expansion.

CABS Managing Director, Mr Simon Hammond said his bank has the capacity to finance huge projects in the country with over $800 million having been invested in the housing sector, while more resources are available for exporting companies.

To date, the bank has allotted over $100 million in the agricultural sector where the bulk of the funding has gone to tobacco farming.

“We have put a lot of money in financing projects in this country with over $100 million having been put in agriculture mainly in tobacco farming and we have also financed housing projects, so we are a well capitalised bank, sitting on $9 billion deposits ready fund bankable projects,” he said.

Industrial Development Corporation (IDC) Head of Africa Support, Mr Thokoana Tsolo said they are providing loans and equity to Zimbabwean companies with at least 5 billion rand available for local companies.

“We have 16 billion rand for projects in Africa and Zimbabwe can get up to 5 billion rand and at the moment 3 billion rand has been loaned and there is still 2 billion rand to land and we are interested in the manufacturing sector but we don’t finance housing and tobacco farming so all those that have projects come to us, we can assist you,” he said, adding that they are ready to finance bigger projects.

Many companies have cited lack of resources for retooling and capital injection to revive operations and the commitment by the financial institution thus presents a golden opportunity for them to explore.

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