HomeBusinessRBZ subsidiaries to resume operations

RBZ subsidiaries to resume operations

-

TWO Reserve Bank of Zimbabwe (RBZ) subsidiaries, Export Credit Guarantee Corporation’s (ECGC) and Aurex Private Limited, will resume operations soon, central bank governor John Mangudya has said.

BY TARISAI MANDIZHA

In his Monetary Policy statement released on Wednesday, Mangudya said ECGC’s primary objective was to promote growth and diversification of Zimbabwe’s export trade through the provision of financial services that address the needs of exporters.

“I am happy to advise that ECGC has been fully capitalised and will resume its operations in March 2015. ECGC is an important player in the export sector and will play a critical part in the growth of the Small and Medium-Scale Enterprises,” Mangudya said.

ECGC offers various products including credit insurance and guarantee services which enable exporters to compete more effectively in export markets, export payments insurance policy, export Finance Guarantee, general insurance, invoice discounting for exporters, lines of credit cover, suppliers and buyers credit insurance cover, domestic credit insurance and Zimra bonds.

Aurex Private is involved in diamond cutting and polishing over and above manufacturing of jewellery.

According to the central bank chief, the resuscitated two entities will join other serving affiliates Fidelity Printers and Refiners (FPR), Homelink which is made up of four business units, namely Proplink, Easylink Money Transfer Pvt Ltd, Investlink and Masterlink Capital Services Pvt Ltd to serve the economy.

Mangudya said Homelink was on a growth path and was targeting to grow its balance sheet to $100 million by December 2017 from $20 million as of now.

“Homelink’s role is to harness foreign currency from non-residents and other holders of free funds by providing products and services that meet investment and consumption needs of the Diasporans.

The actions of the company are driven by the vision to be the Leading Global Partner in Financial and Investment Solutions for Diasporans,” he said.

Homelink was structured into four business units, namely Proplink, Easylink Money Transfer Pvt Ltd, Investlink and Masterlink Capital Services Pvt Ltd.

Proplink is dedicated to housing and stands development. Easylink Money Transfer Pvt Ltd is an agent of Western Union International responsible for money transfer services while Masterlink Capital Services (Pvt) Ltd addresses short term financing needs of customers within and outside of Zimbabwe and Investlink promotes the investment needs of the Diasporans. The unit scans for investment opportunities in the country; He added that on the other subsidiary FPR the central bank was targeting to increase gold deliveries by 7,1% in 2015 to 15 tonnes.

Recent Posts

Stories you will enjoy

Recommended reading