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Agribank must secure funds’

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Government has urged Agribank to find creative ways of raising funds as part of national efforts to circumvent US sanctions on Zimbabwe. Agribank, wholly-owned by Government, was established in 1999 with the mandate of supporting development of agriculture in Zimbabwe. An Agribank official, Divine Ngwenya said that sanctions imposed by the United States were militating against efforts to provide cheap funds to farmers. Agribank was sanctioned by Washington’s 2001 Zimbabwe Economic and Democracy Recovery Act, which also embargoed other key state companies like the Infrastructure Development Bank of Zimbabwe. Agribank’s specific embargo was lifted last year, but the national economy remains shackled by broader sanctions that block funding to Zimbabwe. Industry and Commerce Deputy Minister Chiratidzo Mabuwa said Agribank needed to “think outside the box” and develop innovative ways of financing farmers to beat the sanctions and fulfil its mandate. –  Sundaymail

 

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