RBZ pours $300m into empowerment facilities

THE Reserve Bank of Zimbabwe has channelled close to $300 million towards empowerment of small scale businesses under its national financial inclusion strategy.

The strategy is aimed at increasing the level of access to formal financial services within the country and improving the proportion of financially included small businesses. It was launched by the apex bank early last year.

Officiating at a recent graduation ceremony of about 150 youths and some small scale traders who were trained in various tourism courses under the UN World Tourism General Assembly legacy project fund in Victoria Falls, Permanent Secretary in the Ministry of Tourism and Hospitality Industry, Dr Thokozile Chitepo, said a total of 11 financial facilities had been established under the strategy.

“The RBZ established 11 empowerment facilities amounting to nearly $270 million since the launch of its national financial inclusion strategy last year.

“The strategy is aimed at ensuring the existence of an inclusive financial sector that broadens access to and use of financial services by all with the view of engendering social and economic development,” she said.

Dr Chitepo encouraged tour operators to utilise financial facilities availed by Government saying that was the only way businesses can quickly breathe life into their businesses. She made reference to a $15 million tourism facility that was launched recently by Government and urged tourism players to “go for it.”

“Under the strategy, the central bank has launched a tourism support facility to the tune of $15 and tourism players can as well benefit from such Government support. This is the time for you to begin to learn to borrow money to grow your business. Go and check the facility and as Government we are so keen to know how it is being embraced,” Dr Chitepo said.

She challenged tourism players to play a part in the Special Economic Zones (SEZs), which she said were an investment magnet for the country.

The Permanent Secretary said a tourism master plan was being worked on to pave way for feasibility studies. She said tourism has become an economic pillar as it contributed 12 percent to the country’s GDP after recording 2.5 million arrivals and close to $749m receipts last year.

“Let’s work towards attracting tourism investments to the Victoria Falls SEZ, let’s play our part as a sector towards development and growth of the economy,” said Dr Chitepo. — @ncubeleon