Published: 02 April 2018

AGRIBANK has set aside a minimum of $105 million for the 2018-2019 cropping season, which would be extended to farmers on the basis of collateral and 99-year leases.

It becomes the first bank to announce that farmers with 99-year leases would get funding. This follows the pronouncement in February by Reserve Bank of Zimbabwe Governor Dr John Mangudya that bankers have agreed to accept 99-year leases as collateral after Government tweaked them to be transferable and bankable.

Previously, banks were rejecting leases claiming that they were not transferable in the event that a farmer borrowed money and failed to repay.
- online

You might also want to read this

• Agribank workers seek US$-indexed salaries
• Agribank declares US$5,5m dividend
• Agribank on schedule for $100m capitalisation
• Agribank avails $6m livestock facility
• Agribank targets $50m in foreign credit lines
• Agribank close to securing a strategic partner
• Investors target Agribank
• Agribank secures $30 million for agriculture
• Agribank disburses $80m to agric
• Agribank secures $30m line of credit