ED MEETS UK INVESTORS Zim starts utilising $250m line of credit from British company
We also informed him about the progress on this facility and our interest to invest in the economy and to support vital economic sectors like mining, telecommunication, pharmaceuticals among others,” said Ms Shtereva.
“The facility is aimed at supporting imports of intermediary goods, to assist the economy and sustain the Zimbabwean industry, specifically fuel, wheat, vegetable oil and so.”
She said the firm’s focus was to support emerging markets.
“We are an emerging market fund manager. We have over $1billion in funds we are managing. We are just over four years old. We specialise in emerging markets and more specifically in Africa and Latin America, and Eastern Europe. In Africa, we are active in Angola; we also have an office in Ethiopia and we are about to open an office in Zimbabwe,” she said.
Zimbabwean ambassador to Britain, Retired Colonel Christian Katsande said the coming of Gemcorp Capital was consistent with the thrust of President Mnangagwa to open the country for investment.
“As you aware, His Excellency the President has directed that we bring focus to the economic functions of diplomacy. That means we need to promote investment, trade, tourism. I am delighted that Gemcorp has presented themselves indicating their commitment to support Zimbabwe and our economic recovery. This is an initial facility of $250 million. We expect them to support more, but the initial support is targeting our private sector in production and the fuel sector as well,” said Rtd Col Katsande.
“All these are areas that we believe are critical for this economy. We believe that these are the building blocks of His Excellency’s Vision 2030.”
The facility comes at a time the country is facing serious foreign currency shortages, largely resulting from poor exports and subdued foreign direct investment.
Greece Foreign Affairs Vice Minister, Mr Quick told journalists soon after meeting President Mnangagwa that there would be a business delegation coming to Harare to explore investment opportunities.
“It was great for me to be received by the President of Zimbabwe. We discussed bilateral and international issues. I told him that we are planning to organise a business delegation beginning of March next year to Harare which enhances the economic cooperation,” said Mr Quick.
“We have a lot of fields to work on, like agriculture, sport and maritime. We are a powerhouse in maritime. I think it is time to recognise that Zimbabwe has a lot of similarities with Greek culture and I was flattered from the several meetings I had when I heard that you do like and have respect for the Greeks. This is something that we have to reciprocate.” million books every month, Typocrafters is set to take a big chunk of the market and this will positively affect the prices of books.
“We need more investment into the education sector and I’m glad that Zimpapers has taken the lead. There’s also great potential to export some of these books and generate the much needed foreign currency,” said Minister Mutsvangwa.
She said now that elections had come and gone, it was time to rebuild the nation and focus on the economy, not politics.
She also urged Zimpapers to continue on the path of innovation, growth and relevance to society.
Zimpapers general manager for the commercial printing division, Mr Njabulo Nkomo, said the decision to completely refurbish the Typocrafters premises in Bulawayo was informed by the desire to be a truly national company with physical presence throughout the country.
“In this vein, we wanted to play our part and support this noble objective of re-industrialisation. By GOVERNMENT has removed duty on sanitary pads, a move likely to be welcomed by women as the price of basic toiletries is now beyond the reach of many.
Gender activists and legislators have over the years pleaded with Government for duty free and subsidised sanitary pads to no avail.
Speaking during yesterday’s pre-budget seminar in Bulawayo, Finance and Economic Development Minister, Professor Mthuli Ncube said it was a “done deal” and he would announce it in the forthcoming 2019 budget statement.“The cost of sanitary pads and removing duty on it , consider it done .We will have something on the budget on this issue of sanitary pads .Consider it done; there is no debate,” said Prof Ncube.
In his presentation, chairperson of the portfolio committee on Budget, Finance and Economic development Cde Felix Mhona had proposed a subsidy for sanitary pads. “Honourable Speaker Sir , concerns were raised over the cost of sanitary pads which is now beyond the reach of many and it was proposed that Government subside sanitary pads and consider giving it for free to all girls of school going age,” said Cde Mhona.
MDC-T Bulawayo legislator Ms Priscilla MisihairabwiMushonga who has been advocating for the cause for years could not hide her joy at the news by the Finance Minister. “I’m excited although it has taken us almost two decades to get to a point where Government has agreed and it is a legacy that this particular Minister will take with him for a very long time because we don’t want to negotiate duty because when he says we are doing it means we are zero rating. There is no VAT (Value Added Tax). So we are also not paying duty,” she said.
The vocal legislature who last year caused a stir when she brought a sanitary pad to Parliament and said if duty is scrapped it becomes easier for donors to distribute sanitary pads in schools. — @AuxiliaK locating in Bulawayo we were able to create employment opportunities for the residents of the city and this improves the standards of living and economic prospects of the city.
“We’re eager to participate in Government programmes and initiatives built around exercise book provision for learners. Education is a priority area for Government and we want to contribute to the education of the nation and developing the country’s future leaders,” said Mr Nkomo.
He commended the Government for its assistance through its various arms in enabling the project to see the light of day.
“It must be acknowledged that the wheels of Government have turned fast to aid the success of the project. The Zimpapers board has given direction to the division and supported its aggressive growth.
“We also acknowledge Natprint for outlaying the significant financial and time resources to give life to Typocrafters to start off life with a clean balance sheet free of debt,” said Mr Nkomo.
Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services Mr Nick Mangwana, Minister of State for Bulawayo Provincial Affairs Judith Ncube, Zimpapers board chairperson Mr Delma Lupepe and board member Ms Rejoice Nharaunda as well as Zimpapers chief executive officer, Mr Pikirai Deketeke and Zimpapers management were among those who attended yesterday’s launch. — @pamelashumba1