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Sukulwenkosi Dube-Matutu, Gwanda Correspondent
THE Reserve Bank of Zimbabwe (RBZ) has availed $25 million to assist women and youth small scale miners to boost production.
Speaking recently in Gwanda during a workshop for small scale miners in Matabeleland South province, RBZ deputy director at the Bulawayo regional office Mr Kasanda Sibanda urged small scale miners to fully utilise the loan facility.
“The bank has extended financial inclusion facilities for women and the youth through local banks but utilisation has been very low. A total of $15 million was allocated for women and $3,3 million has been disbursed so far while $10 million was allocated for youths and only $300 000 has been disbursed,” he said.
Mr Sibanda said the central bank was reviewing the loan facility with a view to encourage more miners to borrow.
He however said it was important for those that benefit from the loan facility to pay back the money so that others could also benefit.
Mr Sibanda said the apex bank was committed to ensuring that full potential of the small scale miners was realised.
He said the bank was aware of challenges faced by small scale miners, which included high cost of capital, high cost of production, fluctuating mineral prices and high costs of consumables.
— @DubeMatutu
Online Reporter