NEW: Treasury names banks to disburse US$80m for productive sectors  

02 Dec, 2022 - 14:12 0 Views
NEW: Treasury names banks to disburse US$80m for productive sectors  

The Sunday Mail

Online Reporter  

TREASURY has named banks that will disburse the US$80 million for players in the productive sectors of the economy.

The banks are FBC Bank, CBZ, NMB Bank, CABS, AFC Land and Development Bank, BancABC, Ecobank and Nedbank.

The US$80 million is being funded from part of the International Monetary Fund (IMF)’s SDR (Special Drawing Rights) disbursement to Zimbabwe.

Overall, the country received US$958 million from the international financier.

The various funds for the productive sectors include the Horticulture Revolving Fund (US$30 million), Industry Retooling for Equipment and Replacement for the Value Chain Revolving Fund (US$22,5 million), Tourism Facilities Services Development and Upgrading Revolving Fund (US$7,5 million), and the Smallholder Farmers Irrigation Infrastructure Development Fund (US$20 million).

In an update on Friday, Treasury said the funds can be accessed through participating banks.

“The respective banks shall conduct their normal credit assessments and due diligence through the risk-sharing and co-financing model,” reads part of the statement.

“The banks will forward the approved applications to Treasury through the respective line ministry parent, depending on the fund from which the 80 percent cash cover Government Guarantee is being sought.”

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