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Beaven Dhliwayo

Harare – Government has availed a $90 million package to civil servants through the Civil Service and Business Union of Zimbabwe (CSBUZ), that is aimed at equipping them for business ventures and paves way for economic improvement according to an official.

The $90 million package which was launched by vice president Emmerson Mnangagwa was facilitated by the Reserve Bank of Zimbabwe and will be administered by the Ministry of Small to Medium Enterprises and Cooperative Development in collaboration with various financial institutions.

Of the $90 million facility, $10 million will go to horticulture, $15 million to cross boarder traders, $40 million for the gold facility, $15 million for women empowerment and $10 million has been earmarked for business linkages.

The package comes as part of Government efforts to stimulate economic growth through SMEs.

In an interview Wonder Baudi president of CSBUZ  said they will partner with the Government in the union’s plan of establishing a National Bank as a commitment to indigenization, empowerment and the promotion of ZimAsset.

Baudi said such a move will see the union organizing to motivate civil servants, business community, youths, small scale miners, farmers, and women in business, Zimbabweans in Diaspora, importers, exporters and foreign investors.

“CSBUZ intends to establish over 2 000 branches of its intended Coop Bank to accommodate everybody from the grass root from district to national level.

“The system is to make sure that all funds allocated and realized are accounted for on fixed dates. The Coop bank will issue loans to better the standard of living to the nation, eradicate poverty and bring about business in the mainstream economy out of the resources from each area,” he said.

He said development of each area shall start from a selected district in a province where CSBUZ shall start building its intended collective investment by erecting enterprising shops, Coop banking halls, wholesales, advisory offices, in-house insurances and welfare offices and individual enterprises.

“To facilitate development, CSBUZ intends to establish its first initial entities mainly, the Coop bank, national commercial bank, national collective enterprising company, business advisory services, Construction Company, funeral undertaking and welfare services, transport services and a loan guarantee firm,” he said adding that long term projects shall include district hotels, business training centers and private district hospitals among others.

In February, last year the union announced plans to rally government workers to contribute to a fund which will be used to invest in various sectors of the economy for their benefit.

CSBUZ has three arms namely the Credit Cooperative Society, Association in Finance (Assofin) and a company, Sosolo General Dealers.

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