President Emmerson Mnangagwa launched the country’s land bank which is expected to drive agriculture growth through the provision of affordable financing to farmers.
The new Agricultural Finance Corporation Holdings, which includes the new Land and Development Bank, is set to boost and formalise finance for farmers across the full range, from communal land-holders to large commercial farmers.
The land bank is one of the four subsidiaries of the Agricultural Finance Corporation (AFC), with others being the insurance company, leasing company and the Agricultural Development Bank of Zimbabwe (Agribank).
The President said the strategic land bank will propel an agricultural revolution in the country, with the AFC acting as the premier one-stop shop for agriculture financing coupled with development and it is aligned with the National Development Strategy 1.
“This transformation will ensure maximum use of resources Zimbabwe is blessed with including fertile land, skilled human capital, abundant water bodies and beautiful fauna and flora, in order to improve livelihoods.
“The establishment of the AFC will therefore expand the provision of agriculture and rural financial services across the entire agriculture value chain, from communal, old resettlement areas, A1, A2 and large scale commercial farmers,” said the President.
He said with Zimbabwe’s land reform program over and irreversible, the focus must now be on increasing productivity and sustainability of the agriculture sector.
Zimbabwe’s economy is agriculture-based, and this year, the country is expected to produce surplus maize after a series of droughts.
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