Business decries ‘shackles’ on IDCZ

WHILE the government has lauded what it sees as the revival of the Industrial Development Corporation of Zimbabwe (IDCZ), business feels the institution remains undercapitalised and constrained by sanctions on Zimbabwe.
IDCZ is the industrialisation arm of the government and, according to the Industry and Commerce ministry, plays a strategic role as a development finance institution, including availing medium to long-term capital for industrial upgrading, modernisation, and innovation by companies in the manufacturing sector.
A recent report deliberated on in Cabinet last week said IDCZ assumed the lending role in 2019 with $24 million seed money and to date the revolving fund has grown to $2,2 billion.