18 December 2014
   
New Zimbabwe Header
Police secure warrants for Mujuru companies
1 000-plus in Namibia land invasion
News analysis: When things fall apart
Mnangagwa ally’s house burnt down
Switzerland resumes Zim development aid
Govt to create HIV programme for gays
Zim political systems deficient: Holland
Prophet Angel battling brain tumour
MORE NEWS
Zimbabwe can save up to 300MW per day
State-owned IDC in $22 million loss
MORE BUSINESS
Big Brother: Sizzling end to cold affair
Media commissioner calls for reforms
MORE SHOWBIZ
Tough demands on new Dynamos coach
Musona joins Belgian outfit KV Oostende
MORE SPORTS
Behind the chaos, a glimmer of hope?
Mujuru: Politics and loyalty
MORE OPINION
 
Carnage as Grace makes her stand
Tsvangirai’s end of year message
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