HARARE - The government of Zimbabwe and neighbouring cash-rich Botswana, will sign a P500 million line of credit at the end of the month, the Confederation of Zimbabwe Industries (CZI), has revealed.
The CZI, Zimbabwe’s largest and most influential business grouping, is coordinating the function. The organisation said it is hosting a networking dinner with members of the Botswana Confederation of Commerce and Industry and Manpower (BOCCIM) who would be in the country to witness the official signing of the BIPPA on March 21. “Arrangements are also being made for a business match-making in related areas,” a CZI official said in an exclusive interview.
The official said 70 per cent of the P500 million line of credit was earmarked for the manufacturing sector which has been dogged by numerous problems lately because it was operating at a mere 10 per cent capacity. This has, however, now shot up to about 40 per cent due to the dual currency being used from the days of the worthless Zimbabwe dollar. Zimbabwe now uses the United States dollar and the South African Rand as legal tender.
“Members of the CZI and other players in active business are urged to register with the CZI, who are coordinating, the private sector aspects of this event,” the official said. “The rules and regulations governing the line of credit, including the length of borrowing and interest rates will be made available in due course.” He said the CZI strongly believed that this P500 million line of credit with Botswana could unlock funding from other countries. The official said another facility for business was EQSTRA Holdings Limited (Eqstra), an integrated capital equipment and leasing provider with value-added services.
The services are in construction, mining, materials handling, industrial equipment and passenger and commercial vehicle leasing in Africa and the United Kingdom (UK). Eqstra has an established footprint in some 15 countries in Africa. The three asset clusters of the group include leading brands such as Eqstra Fleet Management, New Holland Construction, Terex Africa, Bucyrus, Toyota Forklift, Konecranes and Kalamar.
“The Eqstra Rest of Africa Division distributes and manges these brands, through a network of authorised dealers, who provide the after sales support in the respective countries,” the CZI official said.
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