Zimbabwe Economic News: $100 Mln Indian Facility, Cam & Motor to Start Operations, Agribank Microfinance, Turnall US$8m SA Deal

Zim to Benefit from $100 Mln Indian Facility

Zimbabwean companies will be able to purchase equipment from India through a $100 mln credit facility that the Asian country has availed. Industry and Commerce Minister Mike Bimha said the Zimbabwe government would be the guarantor to the local companies seeking to utilise the facility.

Bimha said interested and needy local companies would place orders of either equipment or machinery from Indian companies and the Indian government would pay the Indian companies - Herald, Monday March 31

Cam & Motor to Start Operations

RioZim gold unit, the Cam & Motor will start operations in the second half of the year after signing an engineering procurement and construction contract, the company said.  "A new mining operations based on Cam & Motor ore bodies is on course with the design and manufacturing of the plant for the operations having commenced," said Rio Zim in its financial statement on Friday - Herald, Monday March 31

Agribank Form Microfinance Arm

Agribank has added a microfinance division to its current product portfolio, CEO Sam Malaba has said. Currently the bank's main business is the provision of agriculture finance, retail banking, treasury and corporate banking. The
new division is expected to give critical funding to micro and small to medium scale enterprises in the agriculture, retail and distribution value chain among them small holder farmers, start-up agriculture projects, small
holder gold miners, individuals and family businesses - ZimMail, Monday March 31

General Beltings to Acquire New Plant

General Beltings Limited plans to acquire a $3 mln steel cord conveyor belt manufacturing plant as the company angles to increase its market share that is being threatened by the influx of cheap imports. The company's general manager, Joseph Gunda, said the move was part of the organisation's strategy to spur growth. He said though the company's main thrust was securing funds for the purchase of raw materials, machinery maintenance and to cover a salary backlog, new state-of-the art machinery was needed to compete favourably on the market - Sunday Mail, March 30

Turnall in Us$8m SA Deal

Turnall Holdings Limited recently managed to tie up $8 mln worth of deals with South African construction companies, raising expectations that the firm will be able to dig itself out of the current financial rut. The listed roofing and building products manufacturer has of late suffered from slowing demand from the local market. Both the private and public sectors are not investing in major infrastructural projects as the liquidity crunch continues to stymie local economic growth. Turnall managing director John Jere said last week that the company has been awarded a contract to supply pipes, paves and concrete tiles for more than 10 000 houses in South Africa - Sunday Mail, March 30