Staff Reporter
The recent announcement of a US$10 million loan secured by Nepal Merchant Banking and Finance Ltd (NMB) from British International Investment (BII) has garnered widespread praise from key figures in Zimbabwe’s Agricultural Sector.
Prominent leaders within the agricultural community have lauded this move, emphasizing its potential to drive economic growth and sustainability in Zimbabwe.
Dr. Tafadzwa Mukarakate, a renowned agronomist and head of Zimbabwe Farmers’ Union, highlighted the strategic importance of the loan.
“This investment is a game-changer for our agricultural sector. By providing much-needed capital to our exporters, we can increase our competitiveness on the global stage and ensure our products meet international standards,” Dr. Mukarakate stated.
Rachel Moyo, a leading advocate for sustainable farming and CEO of Green Earth Zimbabwe, praised the focus on climate-smart practices.
“Investing in sustainable agriculture is crucial for the future of farming in Zimbabwe. The emphasis on renewable energy and climate resilience will help our farmers adapt to changing weather patterns and reduce their environmental footprint,” Moyo explained.
John Chikanda, an agricultural economist, pointed out the broader implications of this investment.
“This partnership signals a strong vote of confidence in Zimbabwe’s agricultural potential. It sets a precedent for future investments and opens doors for more international funding aimed at transforming our agricultural landscape,” Chikanda noted.
James Duddridge, BII’s Head of Africa, in a statement emphasized BII’s commitment to supporting sustainable economic development in Zimbabwe.
“Our partnership with First Financial Services underscores our dedication to empowering local agribusinesses to thrive in the global market while promoting environmentally friendly practices,” said Duddridge.
Meanwhile, the loan is meticulously allocated, with 70% designated for supporting agricultural exporters through capital expenditure, infrastructure development, and imports. The remaining 30% is earmarked for projects that promote sustainable agriculture, including renewable energy, energy efficiency, and climate resilience.
In addition, the loan’s impact is expected to be far-reaching, not only in terms of enhancing export capacity but also in fostering a culture of sustainability within the Agricultural Sector.
