CBZ Seeking To Raise US$80.6M To Finance Maize And Soybean Farming
CBZ Bank intends to raise $80.6 million through the sale of bonds to finance maize and soybean farming.
This development comes when forecasts have indicated that Zimbabwe is likely to face another drought in 2020 and when Zimbabwe is already submerged in severe starvation.
While authorities blame starvation on the El Nino induced drought and cyclone Idai, the World Food Programme believes the problem is a result of the mismanagement of the country’s resources.
Meanwhile, CBZ indicated in a notice that it wanted to raise 500 million Zimbabwe dollars (US$30.6 million) to purchase seeds, fertiliser and chemicals for maize and soybean production whilst a second bond worth US$50 million seeks to raise money to import farming chemicals and fertilisers that are not available locally.
This initiative is undertaken when there are reports suggesting that US$3 billion that was meant for the Command Agriculture just disappeared without a trace.
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Since two decades ago when Zimbabwe embarked on the fast track land reform, local farmers have failed to produce enough to feed the nation let alone to export for foreign currency.
Resultantly, the country has been importing grain from neighbouring countries including Zambia and Tanzania.