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 (11543 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

MDC Alliance 'rebel' seeks reelection

by Staff reporter | 22 February 2019 | 44 Views

'Mnangagwa's Zanu-PF not keen on devolution'

by cite.org.zw | 22 February 2019 | 37 Views

WATCH: Chaos at MDC ward 28 primary elections

by Staff reporter | 22 February 2019 | 45 Views

Shutdown 'cop killers' granted bail

by cite.org.zw | 22 February 2019 | 34 Views

Chamisa calls a crucial MDC National council meeting

by Ndou Paul | 22 February 2019 | 50 Views

'Dead miners worked for a top polical cartel' Mliswa alleges

by Mandla Ndlovu | 22 February 2019 | 57 Views

Mugabe kicked off Mazowe farm

by Staff reporter | 22 February 2019 | 59 Views

Mnangagwa meets opposition leaders

by Mandla Ndlovu | 22 February 2019 | 53 Views

Govt shoots down ZESA's proposal to increase tariff

by Staff reporter | 22 February 2019 | 95 Views

Chiwenga still in India, says Charamba

by Staff reporter | 22 February 2019 | 145 Views

Zimbabwe forex dealers struck by fear

by Staff reporter | 22 February 2019 | 151 Views

Developers for Batoka Dam scheme short-listed

by Staff reporter | 22 February 2019 | 87 Views

Makorokozas to be regulated

by Staff reporter | 22 February 2019 | 91 Views

RBZ to stabilise exchange rate

by Staff reporter | 22 February 2019 | 88 Views

Zimbabwe money transfer agencies to import own notes

by Staff reporter | 22 February 2019 | 95 Views

Unpacking floating of exchange rate by Zimbabwe

by Dr Mugano | 22 February 2019 | 89 Views

Jonathan Moyo gives scholarship to a Guruve pupil

by Mandla Ndlovu | 22 February 2019 | 107 Views

Evan Mawarire a ZANU PF agent?

by Mandla Ndlovu | 22 February 2019 | 86 Views

Joshua Malinga fundraises for Disability Expo

by Mandla Ndlovu | 22 February 2019 | 76 Views

Zimbabweans abroad face difficulties with accent

by Dr Masimba Mavaza | 22 February 2019 | 90 Views

MDC Youth President speaks on arrest and persecution

by Mandla Ndlovu | 22 February 2019 | 97 Views

MDC-T welcomes POSA repeal

by newzimbabwe | 22 February 2019 | 75 Views

Zimbabwe banking sector stable, but assets quality deteriorates

by Staff reporter | 22 February 2019 | 70 Views

NetOne demands top-four finish

by Staff reporter | 22 February 2019 | 70 Views

Processed transactions value surge 62% to $151,75bn

by Staff reporter | 22 February 2019 | 68 Views

Mnangagwa's govt refuses to meet teachers

by Staf reporter | 22 February 2019 | 68 Views

'US$ remains Zimbabwe's base currency for trading'

by Staff reporter | 22 February 2019 | 72 Views

Anti-corruption officials accused of theft

by Staff reporter | 22 February 2019 | 49 Views

Zesa sues Metallon over $9,3m power debt

by Staff reporter | 22 February 2019 | 41 Views

Journalism needs overhaul

by Conway Tutani | 22 February 2019 | 80 Views

Zimbabweans disillusioned with the 'new dispensation'

by Ray Matikinye | 22 February 2019 | 84 Views

'Zimbabwe banks join in money laundering fight'

by Staff reporter | 22 February 2019 | 55 Views

'GDP rebasing to lower insurance penetration'

by Staff reporter | 22 February 2019 | 50 Views

Mnanagwa's mega projects stall

by Staff reporter | 22 February 2019 | 51 Views

Zimbabwe financial markets serene after RBZ's monetary policy measures

by Staff reporter | 22 February 2019 | 47 Views

Zimbabwe black market forex rate should drop to 60%

by Brett Chulu | 22 February 2019 | 74 Views