Horticulture industry revival gets boost

By Stanley James

ZIMBABWE’S horticulture industry has received a major boost set to spur its revival after Treasury unveiled a US$30 million revolving facility for the sector.

The facility is being drawn from the over US$900 million Special Drawing Rights allocated to Zimbabwe by the International Monetary Fund ( IMF) last year.

The Minister of Finance and Economic Development, Professor Mthuli Ncube, who launched the facility this Thursday, expressed confidence in the recovery of the horticulture industry.

“Treasury is targeting strategic sectors such as horticulture expansion and value addition, a sector that has the potential to generate foreign currency earnings and create jobs that will have a multiplier effect in growing the economy, the fund has the potential to close the  funding gap and spearhead increased productivity,” he said.

Government has also laid out modalities towards accessing the facility.

“The facility will be accessed through normal banking channels where eligible export horticulture applicants or intended beneficiaries are required to submit their requests to participating banks with the requisite information. Through the risk sharing and co-financing model, banking institutions shall conduct their normal credit assessment and due diligence,” he added.

Government is expecting the beneficiaries to repay the loans for other farmers to benefit from the revolving facility.

 

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