Only 28 Bulawayo companies apply for Distressed Industries and Marginalised Areas Fund: Manungo

Only 28 Bulawayo companies apply for Distressed Industries and Marginalised Areas Fund: Manungo
Published: 03 February 2012 (11945 Views)
State media reports that ONLY 28 companies in Bulawayo have applied for the Distressed Industries and Marginalised Areas Fund (Dimaf), which is being disbursed through CABS, a Government official said yesterday.

Last week the Government shortlisted 58 Bulawayo companies earmarked to benefit from the $40 million fund.

In an interview yesterday the Permanent Secretary in the Ministry of Finance, Mr Willard Manungo, said the fund was being disbursed and the 28 companies would share $15 million, of which $2 million has already been given out.

"We have started disbursing the funds through CABS and only 28 companies have applied for the fund so far. The 28 companies will share $15 million and we have so far disbursed $2 million," said Mr Manungo.

"The bank is going through the logistics of sharing the remaining $13 million. Although the Government had shortlisted 58 companies, only 28 applied to the bank while the rest have not done so as we speak."

He said the fund took a long time to be disbursed because of the annual shutting down of companies between December and January.

"Companies must take into account that the process took a bit long because we were disturbed by the annual shutdown by most companies, which re-opened on 18 January this year.

"However, we are progressing well and the bank would disburse the fund accordingly," said Mr Manungo.

He urged other companies to continue submitting applications to CABS, saying the Government had released the $40 million.

"I would like to encourage more companies to submit their applications to the bank because the fund has the capacity to accommodate more companies," said Mr Manungo.

Finance Minister Tendai Biti launched the $40 million under Dimaf in October last year following recommendation by the task force on the Let Bulawayo Survive campaign.

However, for the past three months the fund has been mired in controversy amid squabbling in the Inclusive Government with some saying it was not meant for Bulawayo companies alone.

A number of city industries opened two weeks ago after a holiday break amid reports that some failed to do so because of financial challenges.
Most businesses are pinning their hopes on the fund to revamp their operations after closing shop due to operational challenges.

The Government has projected that industries in the country will achieve 80 percent capacity utilisation by the end of this year from last year's 57,59 percent.

Bulawayo has experienced increased job losses in the past years that have been attributed to the closure and relocation of companies to other cities, especially Harare.

- Chronicle

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

'Chiwenga inspires African armies to commit coup'

by Mandla Ndlovu | 26 June 2019 | 62 Views

DEMOCRACY - A Citizen's Responsibility

by Agencies | 26 June 2019 | 47 Views

New twist to ZANU PF Youth corruption list

by Mandla Ndlovu | 26 June 2019 | 107 Views

Health consultation fee shoots up to ZW$1 800

by Mandla Ndlovu | 26 June 2019 | 64 Views

RBZ dismisses false reports on foreign currency

by Mandla Ndlovu | 26 June 2019 | 82 Views

David Coltart speaks on dialogue with Mnangagwa

by Mandla Ndlovu | 26 June 2019 | 103 Views

BREAKING: RBZ boss sues Zanu-PF

by Staff Reporter | 26 June 2019 | 83 Views

PHOTOS: Chinese nationals detain Temba Mliswa

by Mandla Ndlovu | 26 June 2019 | 72 Views

Zinara finance director arrested

by Staff reporter | 26 June 2019 | 154 Views

Zimbabwean exporters to continue getting US$

by Staff reporter | 26 June 2019 | 117 Views

Zimsec exam ID scam unearthed

by Staff reporter | 26 June 2019 | 123 Views

Obert Mpofu exposes 'lying' chief

by Staff reporter | 26 June 2019 | 175 Views

Mnangagwa claims that 'Country has returned to normalcy'

by Staff reporter | 26 June 2019 | 117 Views

'The ANC owes the youth'

by Eric Shikobela | 26 June 2019 | 71 Views

Big retail shops comply with forex directive

by Staff reporter | 26 June 2019 | 134 Views

Osiphatheleni halt business

by Staff reporter | 26 June 2019 | 175 Views

ZETDC Kariba shreds its own loadshedding schedule

by Laiton Kandawire, Patsaka-Nyaminyami CR Environment and Tourism Series | 26 June 2019 | 95 Views

Suicide over hooker wife

by Staff reporter | 26 June 2019 | 89 Views

Mnangagwa to donate animals to Angola

by Staff reporter | 26 June 2019 | 103 Views

RBZ hikes interest rate to 50%

by Staff reporter | 26 June 2019 | 97 Views

Maternity fees back

by Staff reporter | 26 June 2019 | 116 Views

Chamisa's MDC in dialogue u-turn

by newzimbabwe | 26 June 2019 | 126 Views

ZRP starts equipping police to deal with rioters

by Staff reporter | 26 June 2019 | 72 Views

Mahachi rescues die-hard Bosso supporter

by staff reporter | 26 June 2019 | 68 Views

Zimbabwe in make-or break battle

by Staff reporter | 26 June 2019 | 46 Views

Chamisa shows disgruntled Bulawayo members the middle finger

by Staff reporter | 26 June 2019 | 52 Views

Tajamuka gives Mnangagwa 7 day ultimatum

by newzimbabwe | 26 June 2019 | 71 Views

Mawarire's freedom bid flops

by Staff reporter | 26 June 2019 | 57 Views

'Zimbabwe has less than 20 psychiatric doctors'

by Staff reporter | 26 June 2019 | 43 Views

Al Ahly revive Billiat interest

by Staff reporter | 26 June 2019 | 40 Views

Matebeleland Collective faces split

by Staff reporter | 26 June 2019 | 37 Views

The Chamisa effect and hope for a new Zimbabwe

by Obert Hodzi | 26 June 2019 | 95 Views

Mthwakazi commemorate Gukurahundi in UK

by Staff reporter | 26 June 2019 | 32 Views

Scrapping of multi-currency regime: The implications

by Respect Gwenzi | 26 June 2019 | 83 Views

Its high time we as Zimbabweans show maturity and patriotism

by Munya Shumba | 26 June 2019 | 67 Views