adb logo.jpgA delegation from the African Development Bank (ADB) is expected in the country next month to assess ways of assisting local industry with offshore credit lines.

 

This follows discussions between Government and the ADB on rescue strategies for local companies in the form of long-term loans.

 

According to a latest report by the ADB, the multilateral funding institution’s team is also expected to hold  talks with key government ministries such as Finance, Economic Planning and Investment Promotion as well as Industry and Commerce on policies to restore normal industrial production.

 

Confederation of Zimbabwe Industries Chief Economist, Mrs. Lorraine Chikanya said the ADB’s visit is important in creating a favorable platform for the growth of companies.

 

 “ We are really informed that they are coming and we hope that whatever they will discuss shall set the tone for industrial growth,” said Mrs. Chikanya.

 

Local industries have since January this year, experienced financial challenges in a move that has hindered efforts to achieve a targeted 60% production rate from the current 32%.

 

However multilateral lending institutions such as the Africa Import and Export Bank(AfreximBank), PTA Bank and ADB have pledged to work with Government in mobilizing funds towards the revival of industrial output.