METBANK says it has set aside an initial $10 million as part of its partnership with the Zimbabwe Miners Federation (ZMF) towards capacitating small scale miners.
Speaking at a signing ceremony of the package in Gweru, the bank’s executive director, Mr Ephraim Chawonekwa, said they have set aside the fund as part of measures to support domestic production. He said the financial package, which could be revised upwards, spans a 10 year period.
“The amount is not yet fixed, it can be changed and we had $10 million towards small scale miners. However, our fact finding mission will enable us to know the actual figure depending on how big are the works on the ground,” he said.
Mr Chawonekwa said the bank will ensure the loans are easily accessible.
“Mostly in our bank a loan takes at least five working days and we hope to be very quick in responding to the application. The loans will be easily accessible to the miners since most mines are situated kilometres away,” he said.
ZMF president, Ms Henrietta Rushwaya said the funding will be used to acquire equipment.
“Metbank is going to give us loans in the form of machinery and if a miner defaults the bank will repossess the machinery. The miner’s collateral will be purely only the machinery, which they would have received from the bank,” she said.
Ms Rushwaya added that under the deal, Metbank will also be giving small scale miners financial literacy and business management skills.
- Chronicle
