Chronicle EditorWalter Mswazie Herald Correspondent
HUNDREDS of savings and credit co-operatives in Masvingo have applied for the $7,5 million, Organisation of the Petroleum Exporting Countries Poverty Reduction Fund. Ministry of Small to Medium Enterprises and Cooperative Development provincial head Mr Munyaradzi Rubaya said this in an interview recently. Government has unveiled the $7,5 million poverty alleviation fund for three provinces, Masvingo, Manicaland and Matabeleland North.
Each district in these provinces will receive $285 000.
“Since the fund was launched two months back, we have received applications for this fund from more than 100 SACCOs. We are getting inquiries on daily basis. The fund will benefit those co-operatives involved in livestock rearing and other endowments,” Mr Rubaya said.
He said the funds would be shared among co-operatives.
“We have seven districts in the province which comprise of Masvingo, Chivi, Bikita, Gutu, Mwenezi, Chiredzi and Zaka. The funds will cater for the SACCOs from rural communities and is specifically meant for poverty alleviation.
“We are only accepting rural SACCOs as the fund targets the rural populace. Our rural people should be assisted in fighting poverty and the fund seeks to improve their quality of life,” he said.
Mr Rubaya said the fund promotes co-operatives involved in livestock rearing and beneficiaries involved in other endowments.
He said beneficiaries involved in projects such as bee-keeping and other businesses can apply for up to $10 000 while those rearing livestock qualifying for more money.
“The SACCOs can access for a loan up to $10 000 at 10 percent interest per annum. Those in the livestock business can access $50 000 under the same terms. The beneficiaries will have a grace period of first five months after accessing the loan,” he said. Mr Rubaya said only registered SACCOs stand to benefit from the fund which will add value to the lives of rural populace.
The SACCOs are supposed to register with the Ministry of Small to Medium Enterprises and Co-operative Development.
According to the Zimbabwe National Statistics (Zimstats), most rural communities are living below poverty datum line with the three provinces being the hard hit.
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