Botswana/Zimbabwe To sign P500m Line Of Credit
The CZI, Zimbabwe’s largest and most influential business grouping, is coordinating the function.
The organisation said it is hosting a networking dinner with members of the Botswana Confederation of Commerce and Industry and Manpower (BOCCIM) who would be in the country to witness the official signing of the BIPPA on March 21.
“Arrangements are also being made for a business match-making in related areas,” a CZI official said in an exclusive interview with Radio VOP.
The official said 70 percent of the P500 million line of credit was earmarked for the manufacturing sector which has been dogged by numerous problems lately because it was operating at a mere 10 percent capacity.
This has, however, now shot up to about 40 percent due to the dual currency being used from the days of the worthless Zimbabwe dollar.
Zimbabwe now uses the United States dollar and the South African Rand as legal tender.
“Members of the CZI and other players in active business are urged to register with the CZI, who are co-ordinating, the private sector aspects of this event,” the official said.
“The rules and regulations governing the line of credit, including the length of borrowing and interest rates will be made available in due course.”
He said the CZI strongly believes that this P500 million line of credit with Botswana could be a fore-runner that would unlock other forms of funding from other countries.
The services are in construction, mining, materials handling, industrial equipment and passenger and commercial vehicle leasing in Africa and the United Kingdom (UK).
Eqstra has an established footprint in some 15 countries in Africa.
The three asset clusters of the group include leading brands such as Eqstra Fleet Management, New Holland Construction, Terex Africa, Bucyrus, Toyota Forklift, Konecranes and Kalamar.
“The Eqstra Rest of Africa Division distributes and manages these brands, through a network of authorised dealers, who provide the after sales support in the respective countries,” the CZI official said.