Harare — CBZ Bank last week announced it will make available US$500 000 to Zimbabwe Miners Federation to purchase gold from small-scale miners.
The disbursements will start this week and the loans will attract an annual interest of 8 percent, CBZ managing director Dr John Mangudya said.
"In line with our previous commitments, we are going to make available
He said the package could be increased but based on the level of business.
ZMF has a membership of over 2 000 miners and millers.
CBZ becomes the second bank to make available loans to small-scale miners.
Last week, TN Bank advanced R5 million to gold diggers in Midlands.
The money is part of the bank's total package for small-scale miners of R240 million.
Deputy Minister of Mines and Mining Development Mr Murisi Zwizwai commended CBZ Bank for the support.
He urged other banks to emulate the good gesture.
"We are encouraged by your timeous intervention and we want to thank CBZ Bank for the package.
"We are confident that with the provision of the facility, our miners will be in a position to buy from small-scale miners so the rest of the nation can benefit," said Mr Zwizwai.
