Category: Business

Afreximbank avails US$1,5bn stabilisation package

The African Export Import Bank (Afreximbank) has availed US$1,5 billion to support the revitalisation and stabilisation of the country’s economy, in a latest show of confidence by the regional financier. The package was announced by Afreximbank President and Chairman, Dr Okey Oramah when he paid a courtesy call on President Emmerson Mnangagwa at his Munhumutapa offices in Harare this Tuesday afternoon. Dr Oramah was accompanied by the bank’s Executive Vice President, Mr Denys Denya and the Regional Chief Operating Officer for Southern Africa, Mr Gift Simwaka when he met Cde Mnangagwa. The Minister of Finance and Economic Development, Cde...

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2017 tough year for industry  

Zimbabwe’s industry has since the beginning of this year sitting on raw material reserves that last for just a month, a development that has led to viability challenges with efforts to revive strategic industries being a key challenge. Latest findings show that the industry is operating under a one month raw material input cover, and Confederation of Zimbabwe Industries (CZI) Chief Economist, Ms Daphne Mazambani said this is an indication of tough operating conditions. With the manufacturing sector accounting for only five percent of the overall export earnings yet demanding huge sums of foreign currency to sustain operations, the...

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NetOne targets 5% subscriber base growth  

State-owned mobile network provider, NetOne, is targeting to increase its active subscriber base by at least 5 percent next year as it embarks on various strategies to improve its operational viability. According to a third quarter report by the Postal and Telecommunication Regulatory Authority of Zimbabwe (POTRAZ), all mobile networks registered an increase in active subscriptions with NetOne shifting upwards by 0.5 percent from 4 845 458 to 4 868 897. While the service provider recorded this marginal movement, authorities at the firm believe the strategies they have outlined for next year will push their active subscriber base by...

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Govt pays US$224,5m towards utility bills       

The government has paid US$224,5 million to service providers towards bills accrued by line ministries and departments over a long period. Service providers are owed millions of dollars by the government with treasury resorting to floating treasury bills in the market to raise funds towards paying debts and developmental projects. Latest treasury statistics seen by the ZBC News on Monday indicate the government has paid $137,6 million to ZESA, $49,4 million to ZINWA, $11,5 million to NetOne and Natpharm has been paid $26 million. Zimbabwe Institute of Engineers past president Mr Martin Manhuwa says commitment by the government in...

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Women urged to take active roles in business

Women have been urged to take an active role in the business sector in order to contribute meaningfully to the development of the country. The call was made during a local business academy graduation ceremony that was held on Saturday (yesterday) in the capital. Traditionally, the role of women was limited mostly to child bearing and the kitchen. Although both are vital roles for a woman, they are not an end to her calling. Speaking on the sidelines of the graduation ceremony for 26 students, 23 of them women who completed a business leadership, management and entrepreneurship programme, founder of Yolk Business Academy Mr Gram Kwaramba said their main focus is on the empowerment of widows and single mothers at the margins of society. Minister of State for Harare Metropolitan Province Cde Miriam Chikukwa said women who are empowered become solutions to challenges within their communities while the acting provincial officer in the Ministry of Women and Youth Affairs Mr Enerst Chimboza underscored the importance of empowering women. Barriers such as gender discrimination, lack of confidence, low literacy and lack of time and money continue to prevent girls and young women from fully participating in the mainstream...

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