Published: 30 January 2014

The Industrial Development Corporation of Zimbabwe has plans to float a bond on the Econet Wireless platform as a way of raising money from the public.

Speaking before the Parliamentary portfolio Committee on Industry and Commerce, IDC general manager Michael Ndudzo said the company required funds to do its job of lending money to the public.

He said for the past 22 years, the company has not received funds from Treasury but relied on its investments.

Ndudzo said in 2012 the corporation raised $13,5 million through CBZ as a diaspora bond and the money was used for the upgrade of Surface Investments.

He said the corporation, during the Zimbabwean dollar era, floated a bond with Intermarket that was oversubscribed.

The Infrastructure Development Bank has said it would float $60 million bond this year while a $30 million bond that they floated in 2012 was undersubscribed.
- newsday

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