The central bank is finalising negotiations with a number of international lenders to attract fresh capital that will be used to fund re-tooling initiatives towards export growth.

Saddled with antiquated equipment that has weighed down the performance of manufacturing industries, government is undertaking an initiative to negotiate for capital that will inject new blood into the viability of near defunct sectors.

The central bank is closing in on deals with at least six international funders including Kuwait and the PTA Bank with indications that the results will come to fruition in the short term.

This latest update by the apex bank during a forum for re-tooling hosted by the Confederation of Zimbabwe Industries (CZI) proffered a glimmer of hope to captains of industry who view this as an opportunity to recoup on lost ground over the last decade.

The burden of a debt legacy which made it difficult for the country to access lines of credit had weighed down the industrial capacity equally pulling down export potential.

The Minister of Industry, Commerce and Enterprise Development Dr Mike Bimha said government is also mulling a domestic funding model which will result to the disbanding of the industrial development corporation to a new funding institution.

The painful reality facing Zimbabwe is of an industry that is now lying in the shadows of its former glory.

However, hope can be drawn in the positive light that there are financiers looking beyond the current situations.

ZimTrade board chairperson, Mr Lance Jena said effective closure of these deals and successive re-tooling will thus open new avenues to grow export receipts.

These efforts are boosted by support from the export credit guarantee facility who have committed to guaranteeing funding for local firms under the current drive to re-tool the manufacturing sector.