CBZ Holdings Limited has successfully raised the $75 million required by government to fund the purchase of maize from farmers for the 2018 buying season.
In a notice issued yesterday, the bank which is the financial advisor to the Agricultural Marketing Authority (Ama), said the grain bills were fully subscribed for.
“The Agricultural Marketing Authority and CBZ Holdings Limited wish to express their gratitude to all participants for their support,” said CBZ.
The bills, whose tap issue opened from September 13 to September 18, 2018, were issued at a seven percent interest rate.
They will mature on September 9, 2019. The bills are meant to finance the purchase of maize grain for the 2018 buying season through the Grain Marketing Board (GMB), which has battled to pay farmers on time for grain deliveries.
The bills have been raised at a time when the Zimbabwe Farmers’ Union has called on stakeholders in the agricultural sector to brace for the predicted El Nino phenomenon which is set to affect the 2018/19 cropping season. DailyNews.