Zimbabwe: ZABG Sets Aside $75bn for Winter Wheat

Source from:  The Herald (Harare) March 23, 2006 03/27/2006

THE Zimbabwe Allied Banking Group (ZABG) has set aside $75 billion for the 2006 winter wheat cropping season in a bid to boost the agricultural sector. ZABG marketing manager Mr Taurai Chinyamakobvu said last year the bank financed the winter wheat crop, which has already been harvested and delivered to the Grain Marketing Board, and would this year increase the money. "ZABG financed winter wheat crop to the extent of $15 billion in 2005. This crop has been harvested and our plan this year is to finance the winter wheat crop for 2006 to the tune of about $75 billion." Mr Chinyamakobvu added that ZABG has also financed inputs and capital expenditure for the 2005/2006 summer crops and follow-up visits have revealed that the crops are doing well due to the good rains that the country received this year. Last year the group's Agri-business division allocated more than $100 billion to tobacco farmers in the second quarter of the year. ZABG also assisted tobacco farmers, and tea and coffee growers to market their produce. The division's major focus is to work with other agricultural stakeholders to assist farmers financially. Since the launch of the division $20 billion has been disbursed from its coffers to farmers throughout the country. At least $50 billion was set aside by the group last year to finance tea and coffee production. The financing facility allows farmers to receive their payments on time, making it possible for them to prepare for the next season. Enditem