Zimbabwe has launched a US$30 million export revolving fund to revive its once vibrant horticultural sector. The funding came from the Special Drawing Rights (SDR) allocation of US$961 made to Zimbabwe by the International Monetary Fund last year.
Finance Minister Mthuli Ncube: It will “go a long way in empowering our farmers to start horticulture projects as well as acquire value addition facilities that will enable dehydrating, freezing, canning, bottling, extracting, juicing and concentrating their produce.”
The revolving fund, he said, will be accessed through normal banking channels with four banks participating: “It is a sector that has potential to generate foreign currency earnings and create jobs that will have a multiplier effect in growing the economy. The horticulture export revolving fund has the potential to close the funding gap and spearhead increased productivity, as well as finance bankable projects with a focus on value addition.”
He said the government wants to, through the revolving fund, restore Zimbabwe to its position as one of the leading horticultural exporting countries in the African region.