Reserve Bank of Zimbabwe subsidiary Homelink Private Limited has approved a US$15 million monetary facility to assist in the formalisation of cross boarder trading and boost the country’s foreign currency inflows.
Homelink Private Limited announced the support facility at a press briefing in Harare with the RBZ subsidiary company assuring its commitment to support the formalisation of the country’s small to medium enterprises.
Homelink Private Limited Chief Executive Officer Mrs Stellamaris Chorwira said the cross boarder support facility is targeting registered traders who are should bank their money to qualify for assistance while the organisation’s managing director Mr Desmond Ali said the initiative to support and formalise the industry will see mostly the women and youths benefiting.
Cross Boarder Association founder and president Dr Killer Zivhu said the facility will improve the volume of trade mainly between Zimbabwe and targeted countries that are South Sudan, Angola, Namibia, South Africa and the European market.
The facility is expected to eliminate cross rates that has seen traders with bond notes buying foreign currency as Homelink will avail the necessary foreign currency while also putting in place stringent measures to fight externalisation of foreign currency.
Under the support initiative, Homelink will be responsible for paying out foreign exchange to approved and registered members with the traders guaranteed to receive dollar for dollar when they deposit their bond notes.
The facility will also boost productivity in the arts sector by helping in the production and marketing of various artifacts in Europe, among other advantages.