President Mnangagwa launches US$51 million agriculture mechanisation facility

By ZBC Reporter
THE country is set for private-sector-led agricultural revival, with banks given the task to spearhead the US$51 million John Deere Agriculture Equipment deal commissioned by President Emerson Mnangagwa this Thursday.

The involvement of private banks in financing the US$ 50 million John Deere Financing deal shows Government’s movement away from the past to ensure sustainable financing to mechanisation for maximum agriculture productivity.

CBZ is one of the three banks involved, with its Managing Director Mr Francis Zimunya saying applicants will undergo rigorous credit testing.

“ We are working out the interest rates as we speak all applications will undergo meticulous evaluation to ensure that beneficiaries can repay in order to create a revolving facility for others to benefit,” said Zimunya.

Lands, Agriculture, water and Rural Resettlement Minister, Retired Air Chief Marshal Perrance Shiri said private sector financing will be key in agricultural growth going forward.

“Banks will play a key role in financing agriculture going forward and Government’s role will be limited to providing a conducive environment for further investment in the sector hence our belief that we can sustain the revival of the sector,” said Minister Shiri.

United States Ambassador to Zimbabwe His Excellency, Brian Nichols said more American companies are on the radar to invest in Zimbabwe.

“We are pleased to see some of our great American companies coming here. We envisage to continue working with Zimbabwe and I can assure you that more companies are coming,” said Ambassador Nichols.

John Deere Local Representative Graeme Smith, revealed that the American company has sealed deals in other sectors of the economy.

“The success of this deal has further paved way for a us$250 million deal to supply equipment in the construction and transport sector,” said Smith.

Zimbabwe’s economic revival is premised on the revival of the agriculture sector hence this investment will anchor the attainment of such goal.

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