EmpowerBank disburses $ 5m
THE country’s only youth-focused bank, EmpowerBank, has so far disbursed $5 million for empowerment projects countrywide.
Speaking during a tour of Sky Brands in Chitungwiza yesterday, EmpowerBank credit supervisor Mr Emmanuel Kamutayi urged youths to apply for loans.
“Currently, the number of people who have accessed loans from empower bank is 1 500 and 80 percent are youths,” he said.
“Most of the people who secured loans are repaying them.
“So far we have disbursed about $5 million. We are appealing to Government to keep supporting us with more funds so that we continue to support more youths because our mandate says 70 percent of all our funds should go to the youths.”
Mr Kamutayi said the bank was focusing on viable projects which could help grow the country’s economy.
“Right now we are focusing on agriculture, the manufacturing sector, trade and services,” he said.
“We do not have a specific area we focus on. As long as it is a youth project and it is viable we will support it.
“We do not discriminate, we support each and every sector as long as it is viable.”
The bank is working on expanding its branch network countrywide to reach the intended beneficiaries.
“Currently, we have two branches in Harare and Bulawayo,” said Mr Kamutayi.
“We are working on opening other branches in Masvingo and Mutare. We are decentralising.”
Sky Brands chief executive Mr Takudzwa Gahadza expressed gratitude to the Government for setting up the bank.
“We managed to get $270 200 from EmpowerBank to boost our operations,” he said. “
We are close to paying back all of our loan.”
ZIMBABWE has imported over 1,5 million litres of different kinds of wines from South Africa since the start of the year, as the country is fast growing into a new market for the beverages, an official has said.
Wine tourism is fast emerging as a pull factor in many destinations and key tourism markets have identified food and wine as deciding factors in picking a holiday destination.
Tourism experts believe travellers
Leonard Ncube in VICTORIA FALLS
THE 2020 Parliamentary Pre-Budget Conference kicks off here today with a packed dialogue programme aimed at mapping strategies that will take the country’s economy forward.
Cabinet ministers, legislators, economic experts and the business community will participate in the six-day indaba under the theme “Prudent deployment of resources for optimal economic results.”
Finance and Economic Development Minister Prof Mthuli Ncube is expected to set the ball rolling with a presentation titled “Setting the tone, performance of select holiday destinations based on type and availability of wine as one of the deciding factors, as wine is one of the sophisticated beverages well sought after by tourists.
Tourism players and hoteliers in Zimbabwe have also embraced the new trend, and have in the past few years been participating in events organised by the Wines of South Africa (WoSA), an export marketing body wholly owned by the industry.
On Friday and Saturday, a wine-tasting festival was held at a Victoria Falls the 2019 National Budget, 2020 revenue and expenditure targets, fiscal frameworks, economic outlook, and the key budget assumptions” under the macro-economic stability, inclusive growth and re-engagement session.
Reserve Bank Governor Dr John Mangudya will present a paper on THE monetary policy framework and its implications on the macro-economic environment and the 2020 National Budget.
All parliamentary portfolio committees are expected to report back on the findings from the recent national consultations they carried out countrywide.
Hotel, where about 20 exhibitors showcased their different wine tastes.
WoSA marketing manager for Africa Mr Matome Mbatha said various trainings were lined up to capacitate different stakeholders with knowledge in wine industry.
“Zimbabwe is one of the strategic markets that we need to grow,” he said.
“When we made that decision to look into Zimbabwe, we were monitoring and seeing growth patterns.
“The figures are looking good as Zimbabwe is sitting at about 1,5 million litres from South Africa in comparison with countries like Kenya currently importing about 4,5 million litres.
“There has been a slight drop compared to 2018 where we exported about 1,8 million litres to Zimbabwe, but we are still to come to the end of the year to conclude and hope there will be changes.”
Mr Mbatha said there was value in trading as a region than exporting far afield.
Despite exporting to Zimbabwe, South Africa still exports a lot of wines to the European market as the Zimbabwean market is still at its infancy.
Mr Mbatha said there was need for more training of hoteliers to embrace wine tourism.
“Close to 200 people have been trained in wine handling around Zimbabwe, while WoSA conducts online training sessions to reach more people,” he said.
Victoria Falls Hotel acting general manager Mr Farai Chimba said wine tourism would help the region facilitate block marketing for the tourism sector.
“There are advantages anchored on South African wines when it comes to selling the destination,” he said.
“There are certain benefits in importing within Sadc, and if you import from far, there are limitations and barriers, hence it becomes expensive.”
Mr Chimba said reception for wines from the market was positive as Americans, who make up the biggest population of tourists into Sadc, prefer to experience South African wines.