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CABS Disburses $50 Million to Distressed Zimbabwe Industries

  • Sithandekile Mhlanga

Industry Minister Welshman Ncube told VOA Studio 7 government made it clear that the initial disbursement will be channeled towards resuscitating industries in Bulawayo

A total of $50 million has been disbursed to various companies under the government’s Distressed and Marginalized Areas Fund (DIMAF).

The fund is meant to resuscitate struggling industries in the country, with indications that most companies are failing to meet requirements to qualify for the rescue package.

This was revealed to the state-media Tuesday by Old Mutual Company chief executive officer Jonas Mushosho,who said most plans proposed by companies are not attractive enough to warrant the issuance of huge sums of money.

The insurance giant manages the fund together with the government. The Central African Building Society (CABS) disburses the loans to beneficiaries.

Mushosho added that DIMAF is a national project, not just for Bulawayo industries as reported in some sections of the media.

But Industry Minister Welshman Ncube told VOA Studio 7 government made it clear that the initial disbursement will be channeled towards resuscitating industries in Bulawayo as they are the most affected.

Bulisani Ncube, former manager for Zimbabwe National Chamber of Commerce in the Matabeleland Region,said industries in Bulawayo continue scaling down and retrenching workers.
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