Zimbabwean entrepreneurs could soon use movable assets, including livestock and vehicles, to secure loans from banks, according to a bill brought before the country’s Parliament this week.
The southern African country’s economy is dominated by informal business following the formal sector’s contraction by as much as 50 percent between 2000 and 2008, according to government data, after President Robert Mugabe’s seizure of white-owned farms decimated the key agriculture sector.
The Movable Property Security Interest Bill, introduced Tuesday by Finance Minister Patrick Chinamasa, seeks to make it easier for Zimbabwe’s burgeoning informal sector to access bank funds.
A copy of the bill seen Wednesday …read more
Source: Magazetini
