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Building contractors hail $50m loan facility

12 Oct, 2018 - 00:10 0 Views
Building contractors hail $50m loan facility

The Herald

Patrick Chitumba Midlands Bureau Chief
The Zimbabwe Building Contractors Association (ZBCA) has commended Government for the $50 million loan facility introduced by the central bank to ease viability constraints threatening the completion of projects.

The construction sector has not been spared from financial challenges that have seen a low uptake of projects and failure to complete several infrastructure facilities across the country. In an interview on the sidelines of the ZBCA Midlands regional business dinner held in Gweru on Monday, ZBCA president Engineer Ramson Nherera said through the facility, the association has been given an opportunity to retool and buy new plant.

“We are grateful to the Government and the central bank for the $50 million loan facility which we are going to tap into for retooling purposes,” he said.

“As you are aware, the plant in the country is quite old with some having a plant that is in excess of 20 years.

“Now with this facility we have been given an opportunity to retool, to buy new plant. The banks are still working on the lending rates for the facility.

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