Maravi

(HERALD) Govt engages financial advisers on indigenisation fund

Govt engages financial advisers on indigenisation fund
Thursday, 03 November 2011 00:00

The Government has engaged financial advisers to assist in setting up the National indigenisation and Economic Empowerment Fund, The National indigenisation and Economic Empowerment Board (NIEEB), that was created to oversee implementation of the empowerment process and to warehouse shares on behalf of the indigenous people, will manage the fund.

The indigenisation Act provides for the establishment of the fund, which will provide financial resources for business start- ups and finance capacity building projects on behalf of indigenous Zimbabweans.

Money for the fund is being sourced from donors, loans and grants from the fiscus.
NIEEB chief executive Mr Wilson Gwatiringa told New Ziana the board was in the process of raising money to be channeled into the fund.

"We are still raising the money. We want to raise as much as possible," he said.
"In light of that we have engaged financial advisers to help us with the setting up of the fund." Mr Gwatiringa could not however provide timelines on when the fund would be operational.

The Government has rolled out employee ownership schemes and community ownership trusts to enable locals participate in the ongoing indigenisation of the economy.
The indigenisation reforms, which compel foreign firms with a minimum asset value of US$500 000 to transfer 51 percent equity to local people, will be implemented across all sectors of the economy.

- New Ziana.

Labels: INDIGENIZATION AND EMPOWERMENT ACT (ZIMBABWE), NIEEB

posted by MrK @ 9:36 AM