ZimTrade breakfast meeting set for Byo

ZIMTRADE will this week host a breakfast meeting in Bulawayo to disseminate information on available export development funding from the Reserve Bank of Zimbabwe (RBZ).

The national export promotion agency said export development fund was for exporters in the manufacturing and horticulture sectors.

“ZimTrade will be holding a breakfast meeting on Wednesday 14 February 2018 on export development funding from the RBZ. The seminar is aimed at disseminating information on the available affordable finance from RBZ being disbursed by Agribank and Homelink. Export Credit Guarantee Corporation of Zimbabwe will explain their role in assisting the exporters access the fund,” said Zimtrade.

It said access to affordable finance was critical for the growth of exports.

“In 2017 ZimTrade engaged RBZ and subsequently the Central Bank signed MoUs with Agribank and Homelink who are disbursing the monmey to exporters in the manufacturing and horticulture sectors.

The monetary authority has emphasised the need to grow Zimbabwe’s exports.

In 2016, the monetary authority established export incentive facilities amounting to $200 million and $300 million monitised by bond notes with a view to ensure Zimbabwean exports are competitive.

Since the inception of the export incentive scheme, the facility has managed to enhance competitiveness of the country’s exports.

In the 2018 monetary policy statement, RBZ Governor Dr John Mangudya highlighted that the incentives had contribuited significantly the growth of exports reflecting a 36 percent increase from $2.8 billion in 2016 to $3.8 billion last year.

Between January and November 2017, total merchandise trade (exports and imports) stood at $8 408.5 million, representing a 15.8 percent increase from $7 262.5 million recorded over the corresponding period in 2016.

Zimbabwe’s trade deficit narrowed from $2 181.6 million in 2016 to $1 456.7 million last year. — @ okazunga