GOVERNMENT plans to set up a new unit under the Industrial Development Corporation (IDC) that will work as a financier for companies in a bid to resuscitate ailing industry.
VICTORIA MTOMBA
Industry and Commerce minister Mike Bimha told reporters yesterday that IDC was nominated to facilitate funding of institutions through the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.
“There is a lot taking place to reconfigure the IDC to make it perform that role. IDC has to play the role that AgriBank plays in the agricultural sector of providing funding,” he said.
Outgoing IDC chairman John Mangudya, now Reserve Bank of Zimbabwe governor, said the new IDC role was to look for funding and find ways of channelling those funds to industry. Meanwhile, a new IDC board will be chaired by Herbert Nkala while Kumbirayi Katsande becomes deputy chairman.
Other board members include Gloria Zvaravanhu, John Mushayavanhu, Mike Ndudzo, Robson Mafote, Shingi Mutasa, Muriel Fallala and Stan Mangoma.
IDC subsidiaries include Almin Metal Industries, Amtec, Sunway city, Allied Insurance, Zimbabwe Copper Industries, Deven Engineering, Willowvale Mazda Motor Industries, Sable Chemicals, Zimphos and Dorowa Mineral.
