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Farirai Machivenyika Senior Reporter

Government has launched two revolving funds targeting for the retooling of industry and the tourism sectors.

The US$22,5 million Retooling for New Equipment and Replacement for the Value Chain Revolving Fund and the Tourism Facilities/Services Development and Upgrading Revolving Fund were launched by Finance and Economic Development Minister, Professor Mthuli Ncube on Thursday after signing memoranda of understanding with the Ministries of Industry and Commerce and Environment, Climate, Tourism and Hospitality Industry.

The revolving funds will be drawn from the US$958 million in Special Drawing Rights Zimbabwe was allocated by the International Monetary Fund in Special Drawing Rights.

The launch of the two Funds follows the creation of a similar funding facility to the tune US$ 20 million targeting 18 small holder irrigation schemes country wide.

Prof Ncube launched the two Funds after signing MoUs with Tourism Minister Mangaliso Ndlovu, Industry and Commerce

Permanent Secretary, Dr Mavis Sibanda who was standing in for Minister, Dr Sekai Nzenza.

Prof Ncube said the Funds were meant to assist companies especially those in the agro value chains retool to boost production and exports and employment creation and revive operations firms in the tourism sector that were badly affected by the disruptions caused by Covid-19 pandemic.

Companies will access the funds from banks that include FBC, Ecobank, Banc ABC and POSB.