US$200k revolving fund launched

Emmanuel Kafe

A new US$200 000 Cross-Border Empowerment Fund, designed to provide long-term economic and social support for international traders, was officially launched in the Midlands during a “Cross Border for ED Business Dinner” held at King Solomon’s Hotel.

This revolving fund marks a major step in fostering entrepreneurship and innovation at grassroots level, aligning with President Mnangagwa’s broader thrust for economic emancipation.

The initiative follows the footsteps of other empowerment programmes, such as the Presidential War Veterans Fund and the Presidential Youth Fund, all aimed at bolstering economic activity and empowering various segments of the population.

Special Presidential Investment Adviser to the United Arab Emirates, Dr Paul Tungwarara, who unveiled the fund, said the initiative is expected to provide crucial financial leverage for cross-border traders, enabling them to expand their ventures and enhance their livelihoods.

During his address, Dr Tungwarara urged the Zimbabwe Revenue Authority (ZIMRA) to collaborate closely with cross-border traders.

“As we launch the US$200 000 Cross-border for ED revolving fund, I urge ZIMRA to work hand in glove with the cross borders,” he said.

“Why can’t we have ZIMRA charging less and collecting more from many people, because right now ZIMRA is losing more revenue to corruption activities?

“Cross-border traders are indulging in corruption to run away from high duties.”

He said that there was a need for a review of duty structures to curb illicit practices.

In a further gesture of support, Dr Tungwarara, through his company Prevail, donated 100 boreholes that will be drilled at the homesteads of 100 selected cross-border traders.

Meanwhile, the Zimbabwe Passenger Transport Organisation (ZPTO) has called on ZIMRA to conduct extensive awareness campaigns for cross-border traders and bus operators, citing a surge in anti-smuggling roadblocks, goods confiscations, and bus impoundments.

ZPTO chairman Dr Samson Nhanhanga said over 60 buses have been impounded since December 2024, leading to huge disruptions for operators and traders.

He urged ZIMRA to clearly outline the “dos and don’ts” of cross-border trade to prevent what he termed “cat and mouse games” between authorities and the transport industry.

He also said ZPTO would facilitate the acquisition of a new bus for cross-border traders’ association as part of fulfilling a request from the traders to support their business operations.