No funds for F/town investment company
Chakalisa Dube | Wednesday May 25, 2016 16:26
The company is the brainchild of Francistown City Council (FCC).
“We do not have any budget to employ a chief executive officer (CEO) and the necessary staffing and its office logistics,” Muzila said in her address.
“This has been a major constraint in making progress with our investment drive. There is neither an office nor an officer responsible for this objective and there are no funds to run the activities,” she added. Muzila added that civic leaders and council staff should come up with innovative ways of raising money for the company so that it can take off.
Early this year it was revealed that the company would need approximately P10 million to start operations. Then Muzila had said a CEO to head FIC was yet to be appointed because prospective applicants did not meet the required criteria.
It, however, later emerged that the appointment of the CEO was halted because the council wanted to review the CEO’s salary, which was reported to be ‘very high’.
FIC was established more than two years ago. Its main purpose is to drive the Vision 2022 initiative whose aim is to transform Francistown into an economic hub and investment destination of choice.
Muzila said despite lack of funds the FCC has managed to package some land for investment as part of capitalisation of the company.
“We have two CBD plots, one at Gerald Block 1, the second being our plot at the old Golf Course. Land has also been set aside under the special economic zone in Gerald and other council assets that are still under discussion,” she said.
She also said an expert from the Ministry of Investment, Trade and Industry recently visited the company and advised that in order for FIC to succeed there is need for capitalisation on staffing, branding, planning, zoning, sales and marketing as improvement of investment market among others.