Over ZWL$4 billion raised from AFC Holdings agro-bills

By Tendai Munengwa

THE establishment of AFC Holdings is yielding intended results, with the institution having raised over four billion Zimbabwe dollars to finance the agriculture sector this summer cropping season.

A few months after the transformation of Agribank into AFC Holdings, the new institution has already been in the market to raise funds.

The parastatal’s chief executive officer Mr Francis Macheka gave an update on the financing systems for the summer cropping season.

“We have been in the market to raise the relevant funding with several institutions taking part as we gear ourselves to raise more capital,” Macheka noted. 

AFC Holdings CEO Francis Macheka

Government which is the major shareholder in AFC Holdings has also given the bank a mandate to ensure sustainability of agriculture sector funding models.

“A lot is happening in the market as we seek to even do better on our schemes and fulfill the directives of our shareholder.”

The new institution’s mandate is to provide funding across the entire agriculture value chain from communal to large scale farmers.