IDC offering US$50 million industrial loans

Zim Now Writer

The Industrial Development Corporation of Zimbabwe is inviting bankable applications from firms outside Harare Province for consideration for funding under the industrial development fund.

The Agency is offering loans to manufacturers, exporters and importers under the industrial development fund.

In a statement, IDCZ said the loan tenure is 12 months for working capital and 24 months for capital expenditure disbursed on a first come first serve basis.

“Targeted beneficiaries should be corporates (brownfield/greenfield) who are into manufacturing and value-adding activities, especially those who are exporting or have potential to export and import substitution with high employment impact,” IDCZ said.

Prospective applicants should familiarise themselves with the fund’s requirements and submit a bankable business plan, which includes all other applicable requirements together with a suitably completed application form to the IDCZ.

Presenting the 2023 National Budget statement, Finance and Economic Development Minister, Professor Mthuli Ncube, said the government was capaciting IDCZ to support its subsidiaries to value-add raw minerals into compound fertilisers and other products that are being imported as part of the local content strategy.

One of the subsidiaries, Chemplex Corporation, was capacitated with a new plant to enable the production of grain protectant to reduce post-harvest losses and tick grease, which should result in decreased cattle death from the “January disease”.

IDCZ has investments in textiles (Afroran Spinners (Pvt) Ltd), packaging (Zimbabwe Grain Bag), insurance (Allied Insurance Company (Pvt) Ltd), and real estate (Sunway City (Pvt) Ltd).

It also has an investment portfolio in the motor and transport sector (Willowvale Motor Industries and Deven Engineering), fertiliser and chemicals (Chemplex Corporation Ltd), cement production (Sino Zimbabwe Cement Company) and agro-processing (Olivine Industries Zimbabwe and Surface Wilmar Zimbabwe).