Zimbabwe $10 Million Gold Facility Launched

15 FEBRUARY 2023

The Herald (Harare)

By Farirai Machivenyika

Finance and Economic Development Minister, Professor Mthuli Ncube has today launched a US$10 million fund targeting small-scale and artisanal miners that is expected to boost production of the mineral.

The revolving loan facility will be broken into two with US$5 million being set aside for the establishment of the artisanal gold and small-scale miners fund and another US$5 million for the gold service centres recovery facility.

Prof Ncube launched the loan facility at an event that was attended by Mines and Mining Development Minister, Winston Chitando, the president of the Zimbabwe Miners Federation, Ms Henrietta Rushwaya among others.

The US$10 million was drawn from the US$956 million Special Drawing Rights received by the country from the IMF as part of the US$650 billion disbursed by the global financial institution to assist member States recover from the effects of the Covid-19 pandemic.

The Zimbabwe Mining Development Corporation and Banc ABC will disburse the money on behalf of Government.

Prof Ncube said the mining sector was the country's largest foreign currency earner and had the potential to contribute more and increase job creation and grow the economy.

"The gold facility has the potential to close the funding gap and spearhead increased productivity as well as finance bankable projects with a focus on value addition.

"Such strategic deployment of resources will ensure that Zimbabwe's Vision 2030 remains on course as we target a knowledge-driven and industrialising upper middle society by 2030," Prof Ncube said.

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