SA 'to rescue Zimbabwe companies'

2013-10-21 12:00

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Cape Town - South Africa has reportedly signed an agreement with Zimbabwe to fund the revival of "targeted distressed" companies in Bulawayo, a report said on Monday.

SA's Trade and Industry deputy minister Elizabeth Thabethe said the two countries had entered into an agreement which would see South Africa help revive the firms in Zimbabwe's second largest city, Southern Eye reported.

Thabethe said the joint partnership was going to see the resuscitation of at least five companies by the end of 2014.

Thabethe could, however, not disclose the actual investment in terms of monetary value that South Africa would channel towards the partnership, the report said.

Bulawayo needs an estimated $400m in the short term to recapitalise.

The report comes amid revelations that hundreds of companies in Harare are closing down, throwing tens of thousands of workers onto the streets.

A Zimbabwe Independent report said scores of big companies that used to employ thousands of people were either on the verge of collapse or had closed down completely, leaving workers in dire situations.

Zimbabwe’s economy has been in shambles for over a decade.

Read more on:    elizabeth thabethe  |  zimbabwe  |  southern africa

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