$10 million loan secured for sustainable agriculture

Michael Tome

The Horticultural Development Council (HDC) has welcomed NMB Bank’s announcement of a $10 million loan secured from British International Investment.

The facility is targeting agricultural exporters, and 30 percent of the loan will be dedicated to sustainable farming.

This will enable HDC members to adopt climate-smart technologies and strategies such as renewable energy and improved irrigation systems, a position that is expected to foster environmental responsibility and strengthen the agricultural sector’s resilience in the face of climate change.

HDC chief executive officer Linda Nielsen said the funding was critical in driving sustainable growth under Zimbabwe’s Horticulture Recovery and Growth Plan.

“Access to finance is crucial for the growth and sustainability of the industry. The HDC urges other financial institutions and stakeholders to take inspiration from this impactful model and continue collaborating to provide similar funding opportunities for our farmers,” she said.

She said the HDC was committed to working closely with all relevant parties to ensure the effective utilisation of the loan and looks forward to the positive impact it will have on Zimbabwe’s agriculture exports and the overall economy.

Through HDC’s active participation in the Zimbabwe Economic Stability and Transformation (ZEST) Programme, which is supported by the UK Government, the council has identified the funding gap as a key hurdle.