RBZ releases ZWL$800 million for productive sectors

By ZBC Reporter
The Reserve Bank of Zimbabwe has so far released ZWL$800 million to fund the economy’s productive sectors in an effort to fast-track the national development agenda.
The funding which is being administered through the country’s financial sector is meant to fully capacitate local entities in the face of funding constraints.
Confederation of Zimbabwe Industries (CZI) President, Mr Henry Ruzvidzo described the facility as progressive and sensitive to the plight of many infant companies in Zimbabwe.
“We are encouraged by the efforts being made with regards to capacitate our industries and this will go a long way in achieving the country’s vision,” said the Confederation of Zimbabwe Industries president, Henry Ruzvidzo
One of the beneficiaries of the fund, Davipel encouraged the government to continue rolling out funding opportunities for productive purposes.
“Yes I can confirm that we benefited a lot from this funding facility and its good that government is prioritising productive sectors,” said a local manufacturer, Davison Norupiri.
While it is a commendable initiative, the central bank has also been encouraged to strictly monitor the facility to avoid possible abuse of the facility for the benefit of the country.
The central bank introduced productive sector financing as it was concerned about the depressed levels of productivity and their implications on both exchange rate stability and potential output of the economy.
The availability of productive sector financing augurs well with the government’s thrust echoed in the 2020 National Fiscal Policy, that of enhancing productivity.