$15m for women entrepreneurs

RBZ BUILDING

Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) would this year avail $15 million to support a Revolving Women Empowerment Fund that will finance women-owned projects across the country.

RBZ Governor Dr John Mangudya said modalities to operationalise the fund were being worked out.

“The women empowerment fund would be availed at an all-inclusive interest rate of 10 percent to support projects owned or managed by women.

“The fund, whose operational modalities are being finalised, will be made available for on-lending through commercial banks, microfinance institutions and People’s Own Savings Bank (POSB),” he said in his 2017 Monetary Policy Statement released Wednesday.

Dr Mangudya also said a $10 million business linkages facility would be availed at concessionary rates to support agricultural production under the value chain financing model.

On revamping the $10 million horticultural facility, he said:

“Only two firms have accessed this facility since its inception in July 2016.

“In order to promote its use, the Bank and the Agricultural Marketing Authority (AMA) have come up with revamped modalities that include the use of the facility to support horticultural production for local consumption over and above exports.”

Dr Mangudya also said the educational loan support facility for students pursing studies at higher and tertiary learning institutions would become operational in August.

“Resuscitation of this facility, which used to be granted through banks, is necessary to ensure that educational institutional are sustainable and that students are capacitated to pursue their studies.

 

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