CBZ secures US$15 million loan for housing development
SHELTER Afrique Development Bank (ShafDB) has extended a US$15 million credit facility to CBZ Bank for housing development and mortgage origination.
SHELTER Afrique Development Bank (ShafDB) has extended a US$15 million credit facility to CBZ Bank for housing development and mortgage origination.
THE Zambezi River Authority (ZRA) is exploring the construction of additional dams at Batoka, Devil’s, and Mupata gorges, with the potential to add over 4 500 megawatts (MW) of power shared between Zimbabwe and Zambia. This come as Zimbabwe is aiming to increase its power supply to 3 467 MW by 2025, while Zambia is…
ASSAY results from diamond drilling at Kavango Resources’ Nara Gold Exploration Project confirm the presence of a gold mineralised system with significant mining potential. Higher gold grades exceeding five grams per tonne were found in narrow pinched zones, suggesting the project could yield substantial returns. “Our first phase of exploration at the Nara Project confirms…
FIDELITY Life Assurance of Zimbabwe (Fidelity) says its various investments have surpassed the seven percent return threshold resulting in improved policy and share-holder value. The group has been supporting land purchases through its Vaka Yako product-a US-dollar indexed housing investment targeted at offering affordable housing across the country which was launched in 2022. The product…
ZIMRE Holdings (Zimre) says it is tackling rising acquisition costs by promoting direct sales and streamlining operations to improve profitability. In insurance parlance, acquisition costs refer to direct costs an insurer incurs to “acquire” the premium—for example, commissions paid to a broker or fronting company. The group’s regional operations’ strategy to participate in targeted external…
Introduction to VAT Reforms: Effective 1 August 2024, Zimbabwe has proposed substantial reforms to its VAT system, exempting certain products to bolster economic growth and improve the affordability of essential goods. Categories of VAT Supplies: Zimbabwe’s VAT system categorizes goods into standard-rated, zero-rated, and exempt supplies. Standard-rated supplies carry a VAT rate of 15 percent,…
THE Zimbabwe National Chamber of Commerce (ZNCC) has called on Harare to strategically balance its ambitious industrialization drive with sustainable practices. ZNCC President Tapiwa Karoro emphasized that while industrialisation holds immense potential for transforming the country’s economy, sustainability must remain a core consideration. “As we talk about industrialization, sustainability is of utmost importance,” Karoro said.…
ZIMBABWE’S dairy sector, despite achieving remarkable growth in milk production, is struggling to access the working capital needed for further expansion and efficiency improvements. The Zimbabwe Dairy Industry Trust chairperson, Themba Mutsvairo, emphasised the need for long-term financing options. “Currently, the buyer-willing seller system is no longer providing adequate foreign currency to the processors to…
THE zero rating of gold supplies for mining companies marks a significant policy shift in Zimbabwe’s tax regime. This change, introduced through Statutory Instrument 105 of 2024, aims to alleviate the tax burden on gold producers by exempting them from Value Added Tax (VAT) on supplies made to Fidelity Gold Refinery (Private) Limited. Theprevious imposition…
GLOBAL borrowing costs – of between eight to 12 percent – have impacted Zimbabwe’s economy to a point of compounding its debt situation, officials say. This comes as recent statistics released by the Finance ministry have shown that total public and publicly guaranteed debt has jumped to US$21 billion in 2023 – as compared to…
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