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Oliver Kazunga Senior Business Reporter
THE African Export-Import Bank (Afrexim Bank) has pledged about $100 million fresh working capital to help stimulate productivity in the manufacturing sector. It is hoped that the resources would be availed under the second phase of the Zimbabwe Economic Trade Revival Facility (Zetref), which is meant to provide cheap financing to industries and help drive capacity utilisation.

Zetref II will be a successor to the $70 million released by Afrexim Bank in 2011 to help revive productive sectors of the economy. Afrexim Bank regional manager for Southern Africa Gift Simwaka told Business Chronicle on Wednesday that they would soon meet with the government to work out modalities to fund local industries.

“We’ll soon meet with the government to work on modalities to avail between $50 million and $100 million into the local manufacturing sector. The funds will be competitively priced to meet the needs of industry and also make appropriate tenures say, for example, tenure of two to three years. The funds will be priced differently according to the tenures,” said Simwaka.

The regional bank’s top official was part of a delegation that conducted a tour of companies in Bulawayo on Wednesday. The tour was organised by the Office of the President and Cabinet’s public affairs and knowledge management directorate led by Ambassador Mary Mubi. The team began its tour in Kwekwe and Gweru on Tuesday where it assessed the needs of industries with the view of facilitating bailout packages on distressed firms.

“After the tour, as financiers we’ll meet with the government so that we put in place all the other requirements that make things work. We’re hoping that the availing of the funding will be done as soon as possible,” said Simwaka.

Earlier on, Simwaka had told the Confederation of Zimbabwe Industries president Busisa Moyo during a tour of United Refineries that Afrexim Bank would make an effort to ensure availing of credible funding according to the needs of the respective companies. He urged companies that would benefit from the Afrexim Bank facility to desist from diverting funds.