Online Reporter
Online Reporter
THE opening of an office by the Export Credit Guarantee Corporation of Zimbabwe (ECGC) in Bulawayo has been welcomed as a major boost for the city’s business community and efforts to revive the local economy.
Bulawayo Ward 26 Councillor and Finance and Development Committee chairperson, Mpumelelo Moyo said the move was in line with President Mnangagwa’s “leaving no place and no one behind” philosophy.
ECGC, a subsidiary of the Mutapa Investment Fund, quietly opened its Bulawayo office earlier this year at the corner of Fife Street and 10th Avenue.
The corporation provides short-term insurance, trade credit protection and licensing services to businesses and individuals.
Clr Moyo said the establishment of the office meant Bulawayo residents and businesses no longer had to travel to Harare to access ECGC services.
“This is a major boost to the people of Bulawayo and the business community at large as they can now access the services they require at their doorstep. In the past, people of Bulawayo had to travel almost 1 000km to and from Harare to seek the services of ECGC,” he said.
As chairperson of the council’s Finance and Development Committee, Clr Moyo said he was encouraged by the increasing number of institutions establishing operations in the city.
“I am always pleased to see such entities opening their doors in the City of Bulawayo. I understand fully what this means for the people of Bulawayo and its GDP,” he said.
He said the presence of ECGC would have wider economic benefits, including employment creation, increased local spending and improved occupancy of commercial properties.
“Surely it means that local people are employed and local trade increases in the City. The office space is taken up by organisations which would pay rentals promptly and religiously and also pay their bills to the Bulawayo City Council. In essence, this means increased per capita spending for the City of Bulawayo,” said Clr Moyo.
He said ECGC’s presence would also contribute to financial inclusion by enabling businesses and residents to obtain insurance protection against various risks.
“ECGC provides protection for businesses and residents to trade without fear and, in the event of unforeseen eventualities, the businesses and residents are protected with adequate compensation supported by ECGC,” he said.
Clr Moyo said the corporation also provided technical advice to businesses on the types of insurance they require and licences needed to operate in specific sectors.
He said this would assist businesses to comply with regulatory requirements while ensuring that they had adequate insurance cover.
The councillor said the opening of the ECGC office was part of broader efforts by Government to decentralise services and stimulate economic activity outside Harare.
“Apart from the massive private sector investment that Bulawayo is currently enjoying, the Second Republic has been doing a lot of work and bringing these quasi-Government organisations into the City, which is a welcome development and must be applauded for such inclusivity and boosting the Bulawayo economy,” he said.
Clr Moyo, however, appealed to Government to go a step further by considering establishing a ministry headquarters in Bulawayo.
“It is also my prayer and humble plea to the Second Republic, which is led by His Excellency President Dr ED Mnangagwa, to also consider bringing at least one ministry to be headquartered in the City of Bulawayo,” he said.
He said such a move would further stimulate economic activity in the city and support Government’s stated objective of ensuring balanced development across the country.
