30 October 2014
   
New Zimbabwe Header
Vote Mujuru out, says Mugabe
Zim loses $6 billion tobacco revenue
War vets’ leader savaged by Mugabe
Interview: Ex-PM on congress and vision
Mugabe tries to save ‘Gamatox’ Mutasa
EU lifts economic sanctions on Zim
Top SA court orders Zim torture probe
State media bids to destroy Mujuru, analysts
MORE NEWS
$18mln entertainment park for Vic Falls
Profiteering fuels US$3bln import bill
MORE BUSINESS
Macheso son-in-law threatens expose
Video leak forces Maradona theft U-turn
MORE SHOWBIZ
Caps United ruin league campaign
Mahachi: South Africa PSL defenders slow
MORE SPORTS
Participation and reality based Economics
Africa: Not yet Uhuru
MORE OPINION
 
Dr Chireka: On the junior doctors' strike
Open letter to Grace Mugabe
MORE COLUMNISTS
 
 
Bank provides $65mln for tobacco production
01/03/2012 00:00:00
by bloomberg.com
 
Credit line ... MBCA bank backs tobacco farming
 
RELATED STORIES
Tobacco exports to China top US$40m
New growers join tobacco sector
Tobacco marketing to be decentralised
Tobacco sales to surpass target, TIMB
Tobacco prices up 39 percent
Tobacco sales generate US$408m
Tobacco output up, but shy of target
Tobacco output to increase 15 percent

MBCA Bank, a unit of South Africa’s Nedbank Group, will lend $65 million to Zimbabwean tobacco farmers this year, spokeswoman Dedrey Mutimutema said.

“These lines of credit have been structured in such a manner that they will fund the entire value chain in the production of green-leaf tobacco,” Mutimutema said in an e- mailed statement from Harare.

“The funds will cover input financing, grower financing, processing, export logistics as well as export debtors.”

The funds will come from Nedbank and Egypt-based Africa Export Import Bank, she said.

Tobacco is planted between September and November in Zimbabwe.

The country may sell 150 million kilograms of the crop this year, according to the Tobacco Industry and Marketing Board.

While output of the leaves is recovering, it’s still below peak levels of about 236 million kilograms achieved in 2000. Zimbabwe mostly produces flue-cured Virginia tobacco.

The crop was Zimbabwe’s biggest export earner before 2000, when President Robert Mugabe’s Zanu PF party began seizing white-owned commercial farms leading to a collapse in output.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker