as Agribank is soldBiti confirmed the impending sale during a meeting with industrialists.
“We are looking for a shareholder for Agribank. We’re willing to surrender sixty percent,” Biti said. “We are very close to signing a deal. There is a huge line of credit we’re negotiating for Agribank.
Biti said the reconstituted bank would not dish out freebies to the so-called ‘new farmers’.
“You cant be a new farmer for twenty years. There is nothing for free. Even now the farmers are buying (inputs) although its subsidized,” the Minister said.
Agribank suffered heavy losses under the previous government of President Robert Mugabe after associates of the President and his Zanu (PF) party raided it, taking out loans which they did not repay. After sweeping Agribank clean, the party’s notorious loan hawks are now eyeing foreign-owned banks.
The Economics Minister warned during the same meeting that misguided statements and policies on indigenisation were driving away investors.
Post published in: News