Staff Reporter

President Emmerson Mnangagwa has today launched the Agricultural Finance Corporation (AFC) Holdings, an institution that will provide funding across the whole agriculture value chain.

AFC Holdings formerly known as Agribank, has four subsidiaries namely; AFC Commercial Bank, AFC Insurance, AFC Land and Development Bank and AFC Leasing Company.

In his remarks, President Mnangagwa said AFC Holdings will cover the funding gap caused by withdrawal of financial support to the agricultural sector because of the illegal sanctions imposed on the country.

“The AFC subsidiary companies will also meet the financial gaps which resulted following the withdrawal of support after the imposition of illegal economic sanctions,” said the President.

President Mnangagwa said land reform programme is now irreversible and he urged Zimbabweans to focus on production and profitability.

“Now that the irreversible Land Reform Programmes is behind us, collective focus must be on production, productivity, profitability and sustainability of the agriculture sector. To achieve this, my administration saw it fit to develop unique and responsive alternative financial solutions such as the portfolios we are launching today. These and other strategies should make our agriculture sector work better,” added the President.

President Mnangagwa further said that through the AFC Holdings’ subsidiary of Insurance Company, farmers will be able to access affordable financial products and services, targeted at mitigating the effects of global warming and other risks, for resilient and sustainable agricultural production.

The President also urged farmers who would benefit from various AFC financing facilities to embark on viable projects across the agriculture value chain.

President Mnangagwa urged the AFC Holdings board members to shun corruption and execute their duties diligently.

“Corruption of any kind will not be tolerated. It is my expectation that productivity and not one’s name will be the basis of accessing finance through AFC. Principles of good corporate governance, accountability and fiduciary duties must be upheld,” said the President.

The President further urged beneficiaries of AFC Holdings loans to develop a stronger culture of honoring their financial obligations.

He equally exhorted the AFC to engrain robust mechanisms that ensure loan repayment and recovery from beneficiaries.

The President was accompanied by his Deputy, Cde Constantino Chiwenga, Minister of Lands, Agriculture, Water, Fisheries and Rural Resettlement, Anxious Masuka, Finance Minister, Mthuli Ncube and other several Cabinet Ministers.