NSSA injects $18m into CSC

CABINET has approved the investment of $18 million towards the revival of the Cold Storage Company (CSC) by the National Social Security Authority (NSSA).

Deputy Minister of Agriculture, Mechanisation and Irrigation Development (Livestock) Paddy Zhanda yesterday said the $18 million would go a long way in bringing CSC back on its feet and boost economic growth.

He said a few issues regarding the Scheme of Arrangement with creditors were being finalised ahead of the commencement of business at CSC next month.

Deputy Minister Zhanda was addressing farmers during the Competition and Tariff Commission workshop on the study of the Zimbabwe beef industry in Bulawayo yesterday.

“I’m happy to announce that Cabinet has approved the investment, which will be between $18 and $20 million. We have an investor, NSSA with money ready to invest in the revival of CSC. It’s just minor issues that we’re going through, particularly the Scheme of Arrangement that was not agreed upon. Once the court processes have gone through, I can assure you CSC will be back on track in October.

“I’ve worked tirelessly under difficult circumstances to make sure that CSC is back on track and President Mugabe has called me to Cabinet and told me to deal with the issue of CSC. It’s certain that the process of turning around CSC will start soon,” said Deputy Minister Zhanda.

He said despite the Foot and Mouth disease outbreak that has affected the livestock industry, the economy is going to benefit immensely from the revival of CSC.