CZI seeks US$3bn for recapitalisation

billion for recapitalisation of industry.
The multilateral funding institutions include the PTA Bank, Development Bank of Southern Africa and the African Development Bank.
Stakeholders within the marketing industry have set up a taskforce whose mandate is to mobilise funds from the different funding institutions.
This arrangement is being made after the realisation that the sector has failed to achieve the projected 60 percent target for the first quarter of the year on the back of limited funds.
CZI president Mr Joseph Kanyekanye confirmed that the taskforce is currently engaged in talks with the banks on a possible deal towards the provision of US$3 billion in the form of lines of credit.
“We have finalised the relevant modalities and we expect the entire transaction to be ready any time soon,” said Mr Kanyekanye.
The manufacturing sector, which is currently operating at 45 percent, has been sourcing funds from external financiers to recapitalise after dollarisation.
Many manufacturers have been facing constraints due to inadequate funding and the provision of these funds will facilitate economic growth.
Manufacturing is one of the country’s key economic sectors contributing about 16,5 percent to the Gross Domestic Product, which measures the sum value of goods and services produced by the country in a year.
In recognition of the central role of manufacturing to economic growth and development, the Government embarked on the drafting of the industrial policy for 2011-2015, which is currently being appraised.