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He urged other companies to continue submitting applications to CABS, saying the Government had released the $40 million.
“I would like to encourage more companies to submit their applications to the bank because the fund has the capacity to accommodate more companies,” said Mr Manungo.
Finance Minister Tendai Biti launched the $40 million under Dimaf in October last year following recommendation by the task force on the Let Bulawayo Survive campaign.
However, for the past three months the fund has been mired in controversy amid squabbling in the Inclusive Government with some saying it was not meant for Bulawayo companies alone.
A number of city industries opened two weeks ago after a holiday break amid reports that some failed to do so because of financial challenges.
Most businesses are pinning their hopes on the fund to revamp their operations after closing shop due to operational challenges.
The Government has projected that industries in the country will achieve 80 percent capacity utilisation by the end of this year from last year’s 57,59 percent.
Bulawayo has experienced increased job losses in the past years that have been attributed to the closure and relocation of companies to other cities, especially Harare.
Online Reporter
Bongani Ndlovu