Mnangagwa: Seed capital for new Women’s Bank too little

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By Staff Reporter

PRESIDENT Emmerson Mnangagwa has lamented the level of support for the newly launched Women’s Bank.

The bank was allocated $10m by the finance. Ministry in its 2018 national budget with half the amount meant to cater for administrative costs.

$2.5m was earmarked for start-up costs with the balance set aside for lending.

Launching the bank in Harare Monday, Mnangagwa said the seed capital was not enough.

He however welcomed the initiative saying; “Women have unique needs that are often neglected and not provided for.

“It is gratifying that this new baby in the financial services sector will avail tailor-made schemes to support women’s projects.

“After many years of women seeking access to affordable financial resources, we are today launching the Zimbabwe’s women’s microfinance bank.”

He added; “The new bank will therefore seek to champion women’s skills through availing affordable funding potions to start their own businesses.

“It is the first of its kind in the SADC region therefore it is a touch bearer in this regard.”

He added that the government was working with the Reserve Bank of Zimbabwe (RBZ) to ensure that financial services sector was on a sound footing and responsive to the needs of the market.

Measures would, in due course, also be put in place to address the country’s cash shortages.

“I am aware of cash and foreign currency challenges which are a result of various factors, but my government is seized with the matter and will, in due course, announce strategies to conclusively alleviate these challenges,” said Mnangagwa.

“Small to medium business should also focus on businesses that generate foreign currency for our country.”