Agribank to be privatised

Agribank to be privatised
Published: 27 February 2014
The government will offload 49% of its holdings in the Agricultural Development Bank of Zimbabwe (Agribank) by year-end through privatisation to recapitalise the institution which urgently requires a $50 million cash injection, an official has said.

Responding to questions from the parliamentary portfolio committee on lands and agriculture on Tuesday, acting permanent secretary Pfungwa Kunaka attributed the delay in privatising the bank to a shortage of funds.

He said a technical committee was established in 2012 to oversee the process while financial and legal advisors were engaged.

Agribank, is currently capitalised to the tune of $23 million. The committee demanded a clear strategy from the Finance ministry on how the bank would be recapitalised, pointing out that the two-year delay in completing the process was hindering the development of the agriculture sector.
- Southern Eye
Tags: Agribank,

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