CBZ Bank raises $53m for agriculture

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THE country’s largest locally-owned commercial bank, CBZ announced Wednesday that it had managed to raise US$53 million for the Agricultural Marketing Authority (AMA).
The funds were raised through AMA bills which were floated in June this year and targeted at raising US$55 million for the procurement of maize produced during the 2013/14 agricultural season.
As a result the Grain Marketing Board (GMB) has paid for 141,000 metric tonnes of maize out of the 250,000 tonnes delivered to their various depots.
The success of the issue has allowed maize farmers to procure inputs in time for the 2014/15 agricultural season.
Government has already requested AMA and CBZ Bank to canvass the market for a second issue of US$50 million in order to pay farmers for all the maize delivered to GMB this coming season.Advertisement