Govt funding for entrepreneurs

Source: Govt funding for entrepreneurs | The Herald 17 AUG, 2019

Govt funding for entrepreneurs
Minister Ndlovu

Farirai Machivenyika Senior Reporter

Government has set aside $40 million as a venture capital fund to assist entrepreneurs and organisations that have viable business ideas.

This was said by Industry and Commerce Minister Mangaliso Ndlovu during a post Cabinet briefing this week.

The initiative brings to $100 million the total funding Government has provided this year to industry.

“Government has put aside $40 million in the review budget which is a venture capital fund which we want to use to support any brilliant innovative ideas that are coming from our people or if there are any companies that are showing signs of growth but require funding,” he said.

“So again Treasury has set aside $40 million for this. This is how Government wants to assist industry. It may never be enough but there is certainly some assistance that is going to industry.”

Minister Ndlovu said Government had provided $30 million through the Industrial Development Corporation to assist companies.

“We did get $30 million from Treasury which was targeting at companies through IDC and in the budget review we got an additional $30 million so it is from that fund that we to see most of the interventions bearing fruit.

“Most of the initial $30 million was going towards working capital for companies that are struggling. So we will probably see how the next $30 million is deployed but we need to measure the impact of these in terms of production and in terms of the contribution of manufacturing to the economy and certainly we will be able to measure at the end of the year,” Minister Ndlovu said.

Government has also provided $30 million to retailers whose properties were damaged during the violent demonstrations instigated by the MDC Alliance and its civil society allies in January.

COMMENTS

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  • comment-avatar
    ace mukadota 3 months ago

    This money will of course be stolen by ZANUPF big wigs and party apparatchiks- just like happened in the command agriculture last year when over 3 billion USD went missing – no maize cobs or wheat were ever produced !
    The ZW comedy show rolls on and on comrades.
    But then of course we can blame sanctions and global warming – ha ha