Loans from the US$15 million facility for cross border traders should be sufficient for traders to be able to grow their businesses and enable them to be manufacturers of products that they are currently importing.
Speaking at the official launch of the US$15 million facility for cross border traders in Bulawayo, the Minister of State for Matabeleland North Cde Cain Mathema said the facility should enable the traders to grow their businesses from retailing to manufacturing the products they buy outside the country.
He added that the beneficiaries of the facility should not abuse the funds but use them for their intended purpose.
President of the Cross Border Traders Association Dr Killer Zivhu told the traders that his association had agreed with local bank Agribank to come up with a visa card that will allow for ease financial access for cross border traders.
The facility is expected to eliminate cross rates that has seen traders with bond notes buying foreign currency on the open market and is hoped to fight externalisation of foreign currency.
Under the support initiative, approved and registered members of the Cross Boarder Traders’ Association will be guaranteed a dollar for dollar exchange when they deposit their bond notes.