The uptake of US$190 million Reserve Bank of Zimbabwe facility for promoting exports and boosting productivity has increased to about 50 percent as companies’ hedge against funding challenges.
The facility availed by the central bank to productive sectors of the economy is bearing fruit with the US$40 million for gold support facility having made a huge impact in the sector.
According to figures from the RBZ, small scale gold miners account for 45 percent of gold deliveries last year and the first half of this year which also saw a 3.9 percent increase in deliveries.
The uptake of the gold support facility had reached 75 percent by June which shows the importance of the facility to the growth of the country’s economy.
RBZ says other facilities such as the horticultural sector facility which is funded to the tune of US$10 million, the US$15 million cross border facility and the US$10 million business linkages facility have reached a 25 percent uptake rate.
The US$190 million productive and empowerment financing initiative has made a huge impact on the economy as industrial capacity utilisation is expected to go up from the current 47.3 percent to beyond 50 percent.
Some of the facilities under the productive and empowerment financing initiative include the US$10 million youth empowerment fund, US$5 million for people with disabilities, tourism support facility for US$15 million, export finance facility funded to the tune of US$70 million and the US$15 million for women empowerment.