Published: 30 October 2013

The Ministry of Industry and Commerce has submitted a proposal to Treasury for $100million that will be used as seed capital to recapitalise the Industrial development Corporation (IDC) and other state enterprises.

IDC is a wholly government-owned investment company and the initiative to recapitalise it was included in the recently produced Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset).

Speaking at a Confederation of Zimbabwe Industries (CZI) business breakfast meeting today, Industry and Commerce permanent secretary Mrs.

Abigail Shonhiwa said Government is committed to funding IDC in the same manner it has been funding other institutions such as Agribank.

"As you are aware the Government unveiled a new economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset) which is tailored to pursue a new trajectory of accelerated economic growth and wealth creation and anchored on indigenisation, empowerment and employment creation.

"Therefore recapitalisation of IDC is one of the things that are included in the blue print as we are trying to come up with initiatives that can revive the industry," she said.

"We requested for seed capital from the treasury because we want to inject life into IDC and it is our wish to see the industrial corporation body working the same way as Agribank does to agriculture," she said.
- herald

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