saviour kasukuwere 08.12.10.jpgGovernment has engaged local and external financiers in mobilising offshore loans to assist locals in acquiring stakes in foreign owned companies in line with the indigenisation policy.

The engagement with financiers is being made after realising that the fiscus has not availed such funding despite indigenous people having limited funding.

Youth Development, Indigenisation and Empowerment Minister, Cde Saviour Kasukuwere said the government is in discussions with interested local banks as well as multilateral financial institutions such as the African Development Bank (ADB) over offshore loan schemes.

“The process has reached an advanced stage and we hope this will translate into positive fortunes,” Cde Kasukuwere said.

Limited funding has been a major concern among stakeholders as they seek to ensure that locals get access to loans and benefit from the indigenisation programme.

The government has already finalised the indigenisation thresholds for the mining sector at 51% while the other sectoral thresholds under the policy are expected to be finalised by end of this month.