New Zimbabwe.com

Millers give GMB $8m to renovate silos

THE Grain Millers Association of Zimbabwe (GMAZ) has extended $8 million to the Grain Marketing Board (GMB) towards the rehabilitation of the country’s silos.
Zimbabwe has 12 silos and only three of them are functioning.
Early this year, Agriculture, Mechanisation and Irrigation Development secretary, Ringson Chitsiko, told parliament that the country’s silos were in a deplorable state.
He said there was an urgent need for government to mobilize resources for the rehabilitation of the silos before the harvesting season which starts this month (April).
In an interview with NewZimbabwe.com on Sunday, GMAZ chairperson, Tafadzwa Musarara, said they had extended $8 million to GMB for the rehabilitation of all the 12 silos.
“Metbank’s role will be to conduit funds of this facility for its intended purposes, negotiate financial terms and ensure the successful performance of this facility,” he said.
Musarara said Metbank was going to administer the grant on behalf of the bankrupt and corruption ridden parastatal.
“Financial Advisors will also be responsible for the procurement of Nostro currency for GMAZ members for both outstanding payments and future shipments of mainly wheat and rice,” said Musarara. 
Metbank was central in providing critical financial services to the 2016/7 farming season through the government initiated command agriculture programme. 
The country is this season expecting a bumper harvest which would translate   to $350 revenue savings from   maize grain importation.
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