NEW:  US$22,5 million facility to help companies retool

Online Reporter

Companies are set to benefit from the new US$22,5 million Retooling for New Equipment and Replacement for the Value Chain Revolving Fund (REVCRF) that was launched in the capital on Thursday, Finance and Economic Development Minister Professor Mthuli Ncube has said.

“The setting up of a US$22,5 million Retooling for New Equipment and Replacement for the Value Chain Revolving Fund will go a long way to support respective companies with foreign currency requirements geared towards retooling and development of value chains to increase production for both the local and export markets,” he said.

Also launched on Thursday was the Tourism Facilities/Services Development and Upgrading Revolving Fund (TFDURF).

Professor Ncube said both facilities will be accessed through normal banking channels.

“The REVCRF and the TFDURF have the potential to close the funding gap and spearhead increased beneficiation, as well as finance bankable projects with a focus on the value addition and growth in the two sectors.”