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AFC Holdings, through its Land and Development Bank, is expected to finance at least 18000ha of winter wheat crop this season.
This will be supported by Agro-bills which will be backed by government guarantees.
“We have applied for a government guarantee worthy of US$42 million to enable the raising of funds from the market.”, said AFC Holdings Group CEO Francis Macheka.
“The guarantee will be split into two – US$31.55m or its Zimbabwe dollar equivalent towards the open financial markets and US$ 10 million or Zimbabwe dollar equivalent guarantee will be towards the Reserve Bank of Zimbabwe to access the Productive Sector Medium Term Accommodation Facility”, continued Macheka.
“Winter tillage preparations are also at an advanced stage,” Macheka said, and the equipment is clustered around 22 cluster centers which makes it easy for farmers in winter farming hotspots to access this equipment for their winter tillage requirements.
Macheka also advised that the AFC Leasing company had already started deploying combine harvesters across the country to support the harvesting of the summer crop, in preparation for winter tillage, with over 56 combine harvesters strategically positioned to support this.
Macheka was speaking on the sidelines of a Media event hosted by AFC Holdings and attended by various media houses. The Event was graced by the AFC Holdings Group Board Chairman, Board Members from AFC SBUs as well as Managing Directors of the Group’s trading units.
AFC Holdings is a one-stop -shop that houses the AFC Land and Development Bank, AFC Commercial Bank, the AFC Insurance Company, and the AFC Leasing Company.