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Govt gives IDCZ financing role

04/08/2017 00:00:00
by Matebeleland North Correspondent

GOVERNMENT is transforming the Industrial Development Corporation of Zimbabwe Limited (IDCZ) from being a mere financing institution to a dedicated industry support body, a minister said Thursday.

Minister Mike Bimha told industrialists at the Confederation of Zimbabwe Industries (CZI) 2017 congress in Victoria Falls that the reform of the parastatal was arrived at after realisation that the institution would finance companies which would then go on to collapse because there was lack of follow up support.

The industry and commerce minister said the new look IDCZ will now not only finance industry but will go on to monitor them so they are revived.

“As government we are transforming the IDCZ so that whatever form it takes, it will not only provide funding but ensure that those companies function eternally by giving them dedicated support,” he said.

The minister said Cabinet had approved a concept paper towards the transformation of ICDZ.

He said government had realised that while scores of industries received cash injection through the Distressed and Marginalised Areas Fund (Dimaf), a majority of them went on to collapse because there was no support for them after funding.

This can be evidenced in Bulawayo’s industries which have gone into oblivion despite a majority of them benefitting around 2011 and 2012.

Minister Bimha said the new IDCZ will engage numerous bodies such as CZI, Consumer Council of Zimbabwe, Standards Association of Zimbabwe, Chartered Accountants, Zimbabwe Investment Authority among other business associations who will come together and provide dedicated support to identified companies.

IDCZ is a self-financing, national Development Finance Institution (DFI) which was established in 1963 through an Act of Parliament, (Chapter 14:10).

It is wholly owned by the Government of Zimbabwe and accordingly is a state enterprise.


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