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distressed companies that have benefited from the Distressed Industries and Marginalised Areas Fund (Dimaf).
This follows the announcement by the bank two weeks ago that it had so far disbursed more than $10 million to distressed firms countrywide.
CABS also said the bulk of the money was given to Bulawayo companies.
However, in separate interviews yesterday, businesspeople and residents in the city said they doubted whether the money had been released as they were not aware of any firm that had received funding so far.
Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland regional chairperson Mrs Ntombenhle Moyo said the names of beneficiaries should be made public for purposes of transparency and accountability.
“The truth is that there is nothing. What is so secretive about it? Revealing the names of companies that have benefited will bring joy to the Bulawayo community. As business people this is a sign of dishonesty and we are not happy about it,” said Mrs Moyo.
“They know that if we know the beneficiaries, we will assess how the funds are used. As businesses in Bulawayo, we feel let down and we are fed up with Dimaf stories. We are also concerned about conflicting remarks between the bank and the responsible ministries.
“People feel it is high time we start looking for alternative avenues of funding outside this facility. It seems there is no direction in Dimaf and people have lost hope.”
Dimaf is an initiative of CABS, the Government and Old Mutual aimed at restoring the country’s manufacturing sector in a bid to save and create jobs.
Confederation of Zimbabwe Industries (CZI) regional head for Matabeleland Mr Cletus Moyo also said he did not know of any firm that had received funding from CABS.
“I do not know of any beneficiaries. Certainly people want to know who benefited but the funds are being handled by CABS. We only submitted the list to the bank and until we have a meeting with Minister Ncube, it is difficult to comment,” said Mr Moyo, who is a technical director at Dunlop Zimbabwe, Bulawayo branch.
Residents said they were planning to confront Industry and Commerce Minister Professor Welshman Ncube over the issue.
“We are told the funds have been released but we do not know of any company that has benefited. Even the companies do not come out in the open unless if they are hiding. We are tired of being told lies. It seems we are dealing with crooks and that is why we want to challenge Minister Ncube on the issue,” said Mr Reason Ngwenya, the chairperson of Bulawayo Progressive Residents Association.
He described the disbursement of Dimaf as a “cat and mouse game” that leaves everyone suspicious.
“The bank says funds are out but no one is admitting. So who is the beneficiary? Government itself is also not being open. These are public funds and there should be transparency. CABS must also come out clear and give us specific details. As residents, we are very bitter because we are left in the dark yet we are the most affected by unemployment.”
CABS marketing and communications officer Ms Matilda Nyathi could not be reached on her mobile phone for comment yesterday. She had also not responded to questions sent to her on e-mail address.
More than 85 companies have closed shop in Bulawayo alone with an estimated 20 000 workers losing their jobs.
According to the bank $10 113 250 was approved to local companies as of last month with $6 775 000 of that money having been disbursed to Bulawayo firms.
When the deal was signed last year in October, the Government and Old Mutual pledged to deposit $40 million, each contributing $20 million.
Old Mutual has already deposited its full tranche while the Government only deposited $10 million in April.
The Ministry of Finance is yet to deposit the last tranche of $10 million.
The Ministry of Industry and Commerce has said it has sent about 60 applicants to CABS for consideration for funding.
Prof Ncube, who could not be reached for comment yesterday, is on record as blasting the bank, accusing it of refusing to co-operate with the Government.
At some point Prof Ncube indicated that the Government was considering taking over the disbursement of the fund from CABS.
Politicians from different parties have also traded accusations over the fund with some saying it has been politicised.
President Mugabe has also expressed concern over delays in the disbursement of the fund which was meant to revive Bulawayo industries.
Online Reporter