'Funding challenges stifle industry'

'Funding challenges stifle industry'
Published: 04 December 2017
Prevailing cash shortages that have given rise to a five-tier pricing system are causing havoc in the construction industry with growth slowing down as projects have become expensive, an industry lobby group has said.

Construction Industry Federation of Zimbabwe (Cifoz) has said the industry's growth has been subdued over the years due to funding challenges.

Cifoz CEO Martin Chingaira said Government's foreign debt is also hindering the possibility of businesses accessing funds from foreign banks. Zimbabwe's external debt and arrears breached the $11,2 billion mark in October last year.

This includes arrears to International financial institutions including the World Bank and the African Development Bank.

Government has committed to clearing arrears to IFI's of about $1,8 billion in order to unlock new funding under the Lima Plan.
- The Herald
Tags: Funding,


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