Homeowners must use their houses to borrow money to start businesses to support the country: Chinamasa

Minister of Finance and Economic Development Patrick Chinamasa has urged Zimbabweans to use their houses as collateral to borrow money from banks so that they can start businesses to help support the country’s economy. Speaking at the t the launch of the People’s Own Savings Bank (POSB) mortgage financing in Harare on Wednesday, Chinamasa said:

Most of the houses, which are coming up or which are already in existence, there is no borrowing or lending (mortgage). They are otherwise unencumbered and that basically means we have plenty of dead capital, which we need to utilise and leverage in order to develop our country. So that is another piece of homework I would want to give to you,

What I am saying here is that even if you have dead capital, there is no reason why you should not leverage that asset to borrow and start a business. We have to change from the mindset where we think businesses and companies are going to be formed by people, who are not us, that someone else is going to start businesses.

It is us, here, who are going to start the business and if we have got an asset, a house or an extra house, please use it and leverage it to raise capital to start businesses that would be the message I would want to leave with you.

More: NewsDay

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