A US$10 million Reserve Bank of Zimbabwe facility for small scale oil processors has registered a 30 percent uptake rate by beneficiaries since its inception mid this year.
Small scale cooking oil processing firms that have been reeling under production challenges have, however, managed to restore growth due to the facility which is being administered by the central bank’s subsidiary, Homelink.
Zimbabwe Small Scale Oil Processors Association president Mr Donald Gwisai said the facility has therefore been extended to cater for soya bean procurement.
The facility was introduced to meet the needs of oil processors as part of efforts to restore business confidence.
It is also expected to increase cooking oil production and reduce the import bill for the commodity.