Zimbabwe Doing Well But in Need of Finance

Source from:  Tobacco Reporter 07/20/2012

Zimbabwe's tobacco industry needs US$200 million in fresh finance if it is to match its peak flue-cured production of 237 million kg, according to a Zimbabwe Independent story quoting the Tobacco Industry Marketing Board (TIMB) CEO, Andrew Matibiri. Flue-cured sales so far this season have seen 132.1 million kg sold for US$488.8, figures that are up by 7.3 per cent and 45 per cent respectively on those of the same stage of last year's sales. The average grower price, at US$3.70 per kg, is up by 35 per cent. Despite these encouraging results, Matibiri said that the industry's major challenge remained the limited amount of financing available. Enditem