NEW: Govt to establish US$30m horticulture revolving fund 

17 Nov, 2021 - 13:11 0 Views
NEW: Govt to establish US$30m horticulture revolving fund 

The Sunday Mail

Online Reporter 

Cabinet has approved the setting up of a US$30 million horticulture revolving fund, which will support export-oriented horticultural production companies with their foreign currency requirements, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa has said.

The facility is in line with Government’s plan to support productive sectors of the economy through the Special Drawings Rights (SDRs) allocation, which was received from the International Monetary Fund (IMF).

Said Minister Mutsvangwa during Tuesday’s post-Cabinet briefing:

“The Horticulture Export Revolving Fund will be financed to the tune of US$30 million in order to support   export-oriented horticultural production companies with their foreign currency requirements.

“It will be recalled that Government has proposed to use part of the Special Drawing Rights (SDRs) received from the International Monetary Fund to support the productive sectors of the economy.”

Minister Mutsvangwa said the facility will be accessed through the normal banking channels.

Government and participating banks will monitor and evaluate the use of resources advanced to borrowers, and a Multi-Sector Coordination Committee has been set up to assess the use of the funds.

The horticulture industry contributes around US$77 million to the country’s export revenue, and employs about 18 700 people.

Horticulture is a major foreign currency earner, and is projected to contribute US$300 million annually in export earnings by 2030.

 

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