IDCZ to fund industrial development

By Nobleman Runyanga

The Industrial Development Corporation of Zimbabwe Limited (IDCZ) is set to fund businesses in manufacturing, value addition and export sectors under the Industrial Development Fund after the Corporation was funded by Government.

The IDCZ announced this in an invitation for loan application notice this week.

“The IDCZ is inviting bankable applications from all parts of the country for consideration for loan funding under the Industrial Development Fund. This follows recent resourcing of the Fund by the Government of Zimbabwe. Consideration will be on first come first served basis,” read part of the notice.

“Targeted beneficiaries should be corporate (both brown field and green field) who are into manufacturing and value adding activities especially those who are exporting or have potential to export and import substitution with high employment impact,” the IDCZ explained.

The minimum loan size is Z$1million while the maximum is Z$5 million at an interest rate of 15 percent per annum. The funding will run for a maximum period of 12 months for working capital borrowing purposes and 24 months for capital expenditure.

The Corporation requires applicants to acquaint themselves with the Fund’s list of application requirements which are obtainable from the IDCZ offices.

“A bankable business plan which includes all other applicable requirements together with a duly completed application form obtainable after payment of the requisite application fees should be submitted to the IDCZ,” said the statement.

The funding of the manufacturing, import-substitution and export sectors demonstrates Government’s commitment to turn the economy around which would result in the improvement of the livelihoods of the people.