zncc vice prez ozwell binha.jpgThe Zimbabwe National Chamber of Commerce is engaging stakeholders towards addressing economic challenges which have made it difficult for the local economy to fully operate.

 

Considering that the local industry has been facing a number of challenges that are threatening the double digit growth for the local economy.

 

Captains of industry are trying to find ways of addressing economic challenges through engaging multilateral institutions.

 

In an interview with ZBC News in the capital, ZNCC Deputy President, Mr. Oswel Binha said for the economy to realise the envisaged double digit growth, there is need to continuously engage financial institutions towards accessing lines of credit for the local industry.

 

 “We are engaging regional financial institutions towards ensuring availability of funds to the local industry. However, while we are doing that local citizens should also develop a saving culture which will help local financial institutions towards issuing out long term loans which are the missing link into the country’s economy.”Mr Binha said.

 

Industrial capacity has been low in the previous years owing to unavailability of lines of credit forcing the economy to rely on the importation of goods from neighbouring countries.

 

Various funding models such as the P500 million  loan from Botswana and US$2 billion loan from South Africa have been presented to the government but so far no follow ups have been made.