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Business Reporter
THE Government will soon avail a $200 million loan facility for the tourism sector to facilitate recapitalisation projects as the country prepares for anticipated tourism growth, an official said yesterday. Addressing delegates attending the annual Hospitality Association of Zimbabwe (Haz) congress in Victoria Falls, Ministry of Tourism and Hospitality Industry permanent secretary Mrs Florence Nhekairo said there was a need to continue revamping the industry ahead of the anticipated upsurge in arrivals in the coming years.
“As a ministry, we have re-engaged the Ministry of Finance with the hope of availing a $200million loan facility for the industry. However, you would have to meet the normal commercial borrowing criteria to ensure that you pay them back,” she said.
Mrs Nhekairo said the loan facility would cater for both small and big player in the tourism industry.
She said the government had identified the tourism sector as one of the economic pillars.
“We are also consulting with the treasury for the extension of Statutory Instruments 124 and 199 which expired.
“The Statutory Instruments were put in place for duty free exemptions as a means to assist retool and re-kit the industry and it is our hope that we extend it so that the industry can import capital goods duty free. The instruments really assisted a lot and the country benefited from them.
“I am glad to announce that treasury is forthcoming,” said Mrs Nhekairo.
She, however, said players in the industry who previously abused the facility would not benefit.
“However, if there are players who benefited from the facility and failed to develop the industry, please, you must not ask to be considered again. This facility is aimed at developing the industry for the economic growth of the country,” she said.
Online Reporter