Published: 25 November 2013

Local contractors say lack of lines of credit has disadvantaged them from competing with their regional counterparts and this has impacted negatively on the growth of the sector.

Zimbabwe's liquidity crunch has affected the local construction sector which is not registering any growth as the firms are failing to compete with their regional counterparts who have access to lines of credit.

Local contractors said Zimbabwean companies cannot stand competition with well funded foreign firms as they are required to raise up to $200 000 before embarking on a project.

This has resulted in regional and international construction firms dominating the local market.

According to The Construction journal magazine, the construction sector is among the industries that have been on the recovery path since the adoption of the multi-currency regime in February 2009.
- zbc

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