Home > Development, Zimbabwe > Agri loans at CBZ

Agri loans at CBZ

“This year close to $50 million has been advanced in terms of agriculture, but again focusing on people with irrigation and on people with solid supply of inputs farmers with off-take arrangements. We are working with thousands of farmers. It’s a lot I cannot give you the figures,” he said.

Last year, CBZ funded winter wheat production and Nyemudzo said the group would provide funding for the crop this year.

“Land tenure is an issue being addressed at national level, most of our farmers are being asked to bring alternative security-land, building and insurance that is quite acceptable,” Nyemudzo said.

He said there was no limitation on the availability of funding, but the ability of farmers to sell and withstand weather hazards for instance when they have irrigation.

During the year ended-December 31, 2015 the group advances stood at $1 billion. The agriculture sector accounted for 29% of the group’s advances followed by distribution (20%), services (18%) and private sector (15%), among others. The group said it was committed to providing funding to critical sectors of the economy.

In the outlook, Nyemudzo said the group was targeting a 12,5% increase in deposits and a two percentage point increase in income.

The group posted an increase in after tax profit of 6,7% to $35,2 million during the full year 2015 from $33 million realised in the previous year.

 

Source: newsday

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Categories: Development, Zimbabwe
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