GMB seeks $17m line of credit

The Grain Marketing Board has applied for a $17 million line of credit, Albert Mandizha, the General Manager, has confirmed Mandhizha said part of the GMB's mandate was to ensure the orderly marketing of controlled grain products.

He did not reveal how the cash would be paid back coming at a time when the GMB is seriously in the red and top management have appeared in the courts for alleged "fraud".

He said the GMB was still providing its services such as import and export of controlled products.

It also undertakes "other operations on behalf of the Government of Zimbabwe".

The GMB currently has 4,5 million tonne capacity in its silos.

Mandizha said silo refurbishments were necessary to ensure maintenance of quality SGR stocks.

Reserve Bank of Zimbabwe Governor, Gideon Gono, has built six state-of-the-art grain silos on his Norton Farm, ready to "take over if the GMB fails"

The grain silos are worth $20 000 each. Gono, during a tour of the farm made it clear to his boss, President Robert Mugabe, that that is his intention “that Zimbabwe does not starve again".

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