News Column

City Gets U.S$4 Million Loan

July 14, 2014

A local bank has offered Harare City Council a US$4 million loan to resuscitate some of its projects, which either lie idle or are being underutilised.

Town clerk Dr Tendai Mahachi told the council's business committee recently that BancABC had approached the city with an offer for a loan.

He said following discussions, a number of projects were prioritised in line with their potential for a quick turnaround on revenue streams.

The projects considered for funding are Harare Farms, Hillside Nursery, Pest Control and hospitality resorts.

"The town clerk advised that each funded project would be managed by council on a go it alone basis as commercial entities," reads the business committee minutes.

During discussion, the committee underscored the need to ensure that once funded the projects were supposed to be efficiently run to ensure quick return on the investment.

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Source: AllAfrica

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