Entrepreneurs without immovable property like houses will soon be able to access loans from financial institutions using vehicles, livestock and furniture as collateral security once the proposed Movable Property Security Interest Bill is passed into law.
This was revealed by President Mugabe as he officially opened the Fourth Session of the Eighth Parliament in Harare yesterday where he set the legislative agenda for the fourth session. Speaking on the Bill, Mugabe said,
This Session of Parliament will allow Livestock, cars to unlock bank loans also consider the Movable Property Security Interest Bill, which seeks to increase access to credit for the majority of our emerging entrepreneurs. A collateral registry will be established to facilitate the use of movable property, including cars, livestock and furniture, as collateral for loans.
He also revealed that Parliament will consider 35 pieces of legislation this session.