Zimbabwe: TIMB Seeks Funds for Next Tobacco Crop

Source from:  The Herald (zw) Business Reporter  07/02/2004

THE Tobacco Industry and Marketing Board is still to get the necessary funding to finance the 2004-2005 crop. TIMB was one of the major financiers of the crop during the last season, with hundreds of farmers benefiting from its finance facilities. "TIMB is making frantic efforts to source funding for the next tobacco crop. "As soon as a facility is in place, loans will be disbursed through its established Tobacco Input Credit Scheme (TICS)," said TIMB. Tobacco is a capital intensive crop emphasising the need for assistance to newly resettled farmers and those who may want to break into the golden leaf for the first time. The huge capital outlay needed has seen a reduction of the amount of tobacco produced in the country as the new farmers have not been able to put a large hectarage under the crop. "Loan repayment of the 2003/04 facility is very encouraging at this stage and TICS clients are advised to make payments before 31 July 2004 as any loan repayments after that date will attract a higher interest rate of 50 percent plus additional administration costs. "Once new funding is available, TICS will only entertain applications from those growers who will have fully repaid their loans in time," added TIMB. The board has also added that should it get more funds, consideration will also be given to extending loans to deserving new growers. Enditem