Published: 21 October 2013

Zimbabwe's development finance institutions such as the Industrial Development Corporation have been urged to focus on potential growth areas and offload some of the struggling companies which have been weighing them down, a senior Government official has said.

The IDC has been struggling to resuscitate its companies which have not been performing as expected in the manufacturing industry.

On the back of this, Government has prescribed that IDC should offload some of its non performing subsidiaries and focus on the companies that can easily be resuscitated.

Some of the struggling entities include Willowvale Mazda Industries, Olivine Industries and Zimglass.

Speaking at the last day of the Zanu PF indigenisation and empowerment conference, Industry and Commerce Minister Mike Bimha said that for the development finance institution (IDC) to regain its status it should be focussing on industrial subsidiaries.

"There are companies that will require less funding for revival and others that are beyond repair which are burdening it. As Government we are targeting the potential growth areas easy to resuscitate.

"IDC continue focusing on companies that have industrial importance not other areas that do not concern it," he said.
- herald