Agribank funds ‘new’ farmers

AGRICULTURAL finance support institution, Agribank, has availed Z$960 billion to be allocated to A1 resettlement, communal and small-scale commercial sectors under Operation Maguta for this year's summer crop.

The bank’s chief executive officer, Sam Malaba, has said a total of $960 billion had been allocated for the 2007/8 summer cropping season for the A1 resettlement, communal and small-scale commercial sectors.

“The funding will be under the management of Agribank and Operation Maguta. Clearly the value at hand falls far short of what will be required for the target of 1 500 000ha of grains,” he said.

As such, said Malaba, there was need for the Government to come up with facilities to supplement the shortfalls.

“As part of the effort for the 2008 Summer Crops Massive Production Strategy, the RBZ has directed that processing of loan applications by banks should not exceed five days. On its part the Reserve Bank has committed to funding the same. This move will undoubtedly put pressure on banks to decentralise decision making processes,” said Malaba.

Post published in: Economy

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