Agribank has secured $10 million from the Egypt-based African Export-Import Bank (Afreximbank), which will be channelled towards capacitating agricultural exporters and value addition in Zimbabwe. The bank’s chief executive officer (CEO) Sam Malaba, told delegates during the annual general meeting that the sourcing of the funds is part of efforts to deepen Agribank’s support for agriculture. Agribank is also in “advanced stages of negotiations” with a regional financier to secure a $50 million line of credit to support agriculture.
Agribank also intends to raise agro-bills and secure lines of credit for agriculture interventions including support to fertiliser, chemicals and seed companies. The bank is expected to announce that it will be raising $40 million through agro-bills for the 2018/2019 cropping season once “regulatory processes” have been completed. Agriculture remains the mainstay of the country’s economy as reflected through its contribution to food security, job creation and foreign currency generation. The Zanu-PF 2018 manifesto recognises the centrality of agriculture in the country. –The Herald