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 (11994 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

US demands constitutionalism

by Staff Reporter | 23 July 2019 | 121 Views

Government defends Mnangagwa's 'kitchen cabinet'

by Mandla Ndlovu | 23 July 2019 | 111 Views

MDC plotting violence

by Clever Nyuki | 23 July 2019 | 112 Views

Tribalism rocks MDC Bulawayo

by Christopher Makaza | 23 July 2019 | 92 Views

How to safely use crypto casinos

by Staff Writer | 23 July 2019 | 72 Views

Mnangagwa congratulates Boris Johnson

by Staff Reporter | 23 July 2019 | 71 Views

Mnangagwa congratulates new British PM, Johnson

by Staff reporter | 23 July 2019 | 73 Views

Zimbabwean official goes missing from netball world cup in UK

by Staff reporter | 23 July 2019 | 125 Views

Zimra to conduct rummage sale

by Ndou Paul | 23 July 2019 | 144 Views

'Obert Mpofu thinks like a lizard'

by Mqondisi Moyo | 23 July 2019 | 163 Views

Zimbabwe nostro accounts have no deposit cover

by Staff reporter | 23 July 2019 | 108 Views

Warrant of arrest for Zanu-PF MP

by ZimLive | 23 July 2019 | 121 Views

Chamisa warns Mnangagwa again

by ZimLive | 23 July 2019 | 133 Views

REVEALED: More Bulwayo councillors sucked in parking tender scam

by Mandla Ndlovu | 23 July 2019 | 88 Views

Bulawayo residents lobby stakeholders for a Commission to run Bulawayo

by Mbonisi Solomon Gumbo | 23 July 2019 | 80 Views

Matabeleland guns for devolution amid government delays

by Makho Precious Moyo | 23 July 2019 | 94 Views

Reliving Gukurahundi and need for reparations by

by Makho Precious Moyo | 23 July 2019 | 87 Views

More turn to suicide as economic hardships bite

by Makho Precious Moyo | 23 July 2019 | 104 Views

Tougher times ahead: Govt

by Staff reporter | 23 July 2019 | 138 Views

Teachers appeal for wages above poverty line

by Staff reporter | 23 July 2019 | 98 Views

Starving police officers exposed to corruption

by Staff reporter | 23 July 2019 | 92 Views

WATCH: Mthwakazi National Anthem

by youtube | 23 July 2019 | 91 Views

20 passengers survive death by a whisker

by Staff reporter | 23 July 2019 | 95 Views

Teachers close schools over slaries

by Mandla Ndlovu | 23 July 2019 | 105 Views

WATCH: Jah Prayzah featuring Iyasa Sadza nemuriwo song

by Mandla Ndlovu | 23 July 2019 | 115 Views

Mnangagwa's minister clashes with CIO boss

by Mandla Ndlovu | 23 July 2019 | 121 Views

AUDIO: Town clerk tried to warn Kambarami and his sidekick

by Staff reporter | 23 July 2019 | 110 Views

Full list of Commissioners to take over Bulawayo City Council

by Mandla Ndlovu | 23 July 2019 | 151 Views

Chiwenga's health remains a huge concern

by Staff reporter | 23 July 2019 | 148 Views

'Zimbabwe killer soldiers are not off the hook'

by Staff reporter | 23 July 2019 | 183 Views

'MDC threat to national security'

by Staff reporter | 23 July 2019 | 116 Views