HARARE – Brazil has granted a $100 million loan to Zimbabwe out of $1,6 billion in lines of credit it is extending to Africa. The funds — to be disbursed in tranches — are targeted at financing Zimbabwe’s agriculture development. Marcia Maro Da Silva, the Brazilian ambassador to Zimbabwe, said she expected the first tranche…
HARARE – A delegation from India’s Chamber of Commerce and Industry is expected in Zimbabwe at the end of this month to explore trade and investment opportunities. Zimtrade — a body created to facilitate trade and promote investment in Zimbabwe — said the team was interested in various sectors including energy, agriculture, health, ICT, mining,…
HARARE – Brazil says it will not financially support Zimbabwe’s projects under its ambitious economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim Asset). The country’s ambassador to Zimbabwe Marcia Maro Da Silva told the businessdaily that the southern African nation is too rich to beg for financial assistance. “As a rule, Brazil does…
HARARE – Diversified group Meikles Limited (Meikles) is shutting down its upmarket Greatermans store and is replacing it with Pick n Pay supermarket. This comes as most Zimbabwean retailers are finding the going very tough due to an acute liquidity crisis coupled with low disposable incomes. They also face stiff competition from cheaper imports, mainly…
HARARE – Zimbabwe still lags behind in adhering to sustainable business practices, says the Institute for Sustainability Africa (Insaf). Its chief executive Rodney Ndamba said sustainability reporting — entailing an organisation presenting its values and governance model, and demonstrating the link between its strategy and its commitment to a sustainable global economy — is increasingly…
HARARE – Zimbabwe must amend its laws to incorporate recent changes in the implementation of its indigenisation policy, Germany says. The southern African country’s empowerment law compels foreigners to give up 51 percent shareholding to locals. But recently, President Robert Mugabe ruled out a one-size-fits-all indigenisation approach, saying only companies utilising the country’s natural resources…
HARARE – Government plans to expand Harare International Airport in anticipation of increased traffic. This comes as foreign airlines, which had abandoned the Zimbabwe route between 1999 and 2003 due to macroeconomic instability, have since 2009 been scrambling to fly into the country. Also, the Civil Aviation Authority of Zimbabwe (Caaz) has said it is…
HARARE – Barclays Bank Zimbabwe (BBZ) says it might increase its loan book to $80 million depending on the prevailing market conditions. Last year, the bank disbursed $40 million in lines of credit. “By end of May we might probably double that amount. We are comfortable that we still continue to have the support of…
HARARE – Canada-based miner Caledonia Mining Corporation (Caledonia) says plans are on course to ramp up production of its Zimbabwean gold producer Blanket Mine to over 52 000 ounces (oz) in 2015. The local unit, 49 percent owned by Caledonia, is currently implementing a growth strategy, targeted at significantly increasing production, with 48 000 oz…
HARARE – Tourism minister Walter Mzembi’s target to have the sector contribute $5 billion to Zimbabwe’s gross domestic product (GDP) by 2018 is farfetched and unattainable, analysts say. They said the country must address its political situation first in order to attract tourists. Zimbabwe’s tourism industry is currently recovering after taking a knock due to…
