tendai biti 23.09.10.jpgThe Finance Ministry has been called upon to urgently release the US$75 million Zimbabwe Economic and Trade Revival Facility to assist in recapitalisation.

Barely four months after the announcement of the financial package by the Minister of Finance Mr. Tendai Biti, industrialists are concerned about delays towards the release of the proposed funds under the facility from the treasury through the Africa Export and Import Bank ( Afreximbank) amid revelations that the selected banks under the scheme have not yet accessed the funds.

This has also raised concern on whether the facility will be a reality as it is expected to assist local manufacturing companies in recapitalising operations.

A financial analyst, Mr. Nicky Moyo said the finance ministry should stick to its promise and ensure that funds are readily available.

“The funds are still to be accessed and we wonder whether they are actually there,” said Mr. Moyo.

The  Zimbabwe  National  Chamber of  Commerce  Vice  Chairman,  Mr  Clever Madzara said  Finance  Minister Tendai  Biti should come up in the open and explain on whether  the proposed funds  are available for the manufacturing industry to plan ahead.

 

“There is greater concern on whether the facility will take off to the extent that this is a major cause for concern,” Mr. Madzara said.

The  Zimbabwe  Economic and Trade and  Revival Facility which was unveiled in October last year seeks to facilitate the recovery of the manufacturing companies through the provision of long terms loans at cheap concessionary rates.