Online Reporter
Herald Correspondent
Zimbabwe’s industrialisation agenda took a major leap on Wednesday as the Government signed contracts under the Industrial Development Fund (IDF) aimed at supporting local manufacturers, value addition and job creation.
Speaking at the IDF beneficiary contract signing ceremony in Harare, Minister of Industry and Commerce Dr Mangaliso Ndhlovu described the milestone as a critical step in turning policy into action.
“This occasion presents more than a financing event, it is a decisive step in operationalising our national industrialisation agenda and advancing Zimbabwe’s economic transformation,” he said.
Minister Ndhlovu said the fund is central to implementing the National Development Strategy 2 (NDS2) and the Zimbabwe National Industrial Development Policy 2 (ZNIDP2), both running from 2026 to 2028, which provide a roadmap for industrial growth, private sector-led development, innovation and job creation.
“The success of these policies depends not only on sound planning but effective implementation, particularly through access to finance for productive sectors,” he said.
Minister Ndhlovu said the IDF will enable scaling up of manufacturing capabilities, strengthen value chains, and accelerate industrial capacity utilisation.
“This fund directly addresses one of the most critical constraints to industrial growth — access to affordable, long-term financing,” he said.
Glytime Foods, Bakwenene Milling, Longdem Enterprise, Zimbabwe Silicates and Ubuntu Foods are the first beneficiaries.
“These companies will anchor Zimbabwe’s industrial transformation by strengthening agro-processing and manufacturing value chains, boosting local production, enhancing food security and creating employment,” Minister Ndhlovu said.
He warned beneficiaries that the support comes with responsibility.
“Resources must be used efficiently, transparently and for their intended purpose,” Minister Ndhlovu said.
“You are not mere recipients of funding, but partners in implementing Zimbabwe’s industrialisation agenda. You are expected to deliver measurable outcomes, including increased production, job creation and value addition,” he said.
Minister Ndhlovu also said the IDF embodies the Government’s commitment to Vision 2030 and President Mnangagwa’s principle that a country is built by its own people.
“By empowering local enterprises, we are ensuring that Zimbabweans are at the centre of building industries, creating wealth and driving national development,” he said.
National Venture Capital Company of Zimbabwe (NVCCZ) board chairperson Mr Henry Ruzvidzo said the institution, which will manage the fund, is committed to disciplined deployment, rigorous due diligence and monitoring of projects.
“The fund operates under ring-fenced accounts with segregated reporting to the Minister of Industry and Commerce, the Minister of Finance and the NVCCZ board. This safeguards public funds and ensures accountability,” he said.
Mr Ruzvidzo said NVCCZ has embedded milestone-based disbursements linked to plant commissioning, production ramp-up and import substitution outcomes, and plans to include small and medium enterprises in high-potential value chains.
Minister Ndhlovu said the Industrial Development Fund is more than a financing instrument.
“It is a symbol of confidence in our people, our enterprises and our collective ability to transform our economy. Zimbabwe’s industrial transformation is happening now, and it begins with us,” he said.
