Published: 10 September 2013

The Industrial Development Corporation (IDC) of Zimbabwe says it needs more than $100 million to recapitalise its subsidiaries.

The proposed funds are aimed at reviving the corporation's divisions, which are reeling under capital challenges.

In a statement, the IDC said while funding proposals have been finalised, the government as the main investor is also expected to play a critical role in ensuring the parastatal gets access to fresh capital.

The IDC, which was formed by the government as an institution to increase industrial development within the economy, is also courting strategic partners.

However, it has been experiencing capital constraints to restore production to full capacity.

Several companies are embarking on joint venture deals with local and global investors to raise capital due to the absence of long term off-shore loans at affordable rates.
- zbc

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