Munyaradzi Musiiwa Midlands Correspondent
THE Government has availed $10 million for the revival of Dorowa Minerals and ZimPhos to increase fertiliser production as the country moves to curb hunger and ensure food security at household, an official has said. Industry and Commerce Deputy Minister Chiratidzo Mabuwa said recently that the government was prioritising revival of key productive sectors and strategic companies to turn around the economy as well as attracting more investors.
“In order to recapitalise industry and promote the development of the new enterprises the ministry is promoting private sector investment and negotiations are ongoing to with financial institutions to provide money,” said Deputy Minister Mabuwa.
“During the last quarter of 2015 ZimPhos secured $10 million from RBZ as a loan and about $5 million has so far been utilised at Dorowa to buy equipment as well as refurbishment of the plant. To date Dorowa is now operating at full capacity. “The other $5 million is being used at ZimPhos Masasa Plant.
A total of $ 12.5 million is required to finish the project. These are some of the projects that we carry along and try to attract investors on. “On Friday, Industry and Commerce Minister Mike Bimha said the government had availed funds to Dorowa and ZimPhos to boost fertiliser production and curb hunger in the country. He said this while addressing captains of the industry at the Zimbabwe National Chamber of Commerce Midlands Chapter awards.
“We’ve helped Dorowa Minerals and availed money so that we boost fertiliser production,” he said. Deputy Minister Mabuwa had said that the government would this year revive the Afri-Zim loan facility to enable ailing companies to access loans at concessionary rates as compared to other financial institutions “On recapitalisation the government has availed $20 million for Dimaf.
“The revolving facility has been in place since 2010 funds are being disbursed. The amount that was available in 2015 is $ 4.6 million and a pipeline of projects worth $4 million is under consideration,” said Deputy Minister Mabuwa. “Zimbabwe’s Economic and Trade Revival Facility is a $100 million three-year credit facility contributed by the government and Afri-Zim bank.
The initial phase saw Afri-Zim availing $70 million and the government contributing $30 million. Work is in progress to resume the facility in 2016. The fund will afford companies with concessionary rates as compared to the one offered by local financial institution.”