Farai Mabeza, Senior Staff Writer 
THE government expects the recently established Land and Agricultural Development Bank of Zimbabwe (LADBZ) to be self-sustaining by the end of 2023, a Cabinet minister has said.
The LADBZ was set up following a restructuring of the state-owned Agribank. It will this year receive $700 million from the national budget. The government has also said it is earmarking investment support from pension funds, among other sources.
Agriculture minister Anxious Masuka
The new institution will be renamed the Agriculture Finance Corporation but trade as LADBZ. It will expand the provision of agricultural financial services across the entire value chain and support activities such as irrigation, infrastructure development and mechanisation. The bank will have four subsidiaries; Land Bank, Leasing Company, Insurance Company and Agribank.
“…It (the board) must develop self-sustaining financing mechanisms for the LADBZ and its subsidiaries by December 2023…improve internal capacity, capability and competencies to generate the requisite efficiencies for the delivery of seamless services and … ensure that the above objectives are met through robust strategies and plans generated and approved by July, 2021,” Agriculture minister Anxious Masuka said.
The board is made up of former Seed Co chief executive Denias Zaranyika, Syndicate Resources chief executive Nancy Guzha, former First Mutual chief executive Ruth Ncube, Zimbabwe Commercial Farmers Union of Zimbabwe president Shadreck Makombe, legal practitioner James Mutizwa, farmer Wilson Nyabonda and Agriculture ministry representative Rutendo Nhongonhema.
Masuka however, did not name the LADBZ board chair, saying he would do so after “administrative processes in progress” but appointed chairpersons for the subsidiaries.
The Land Bank will be chaired by Guzha, Nyabonda will chair the Leasing Company while Ncube will head the Insurance Company with Godfrey Matemachani chairing Agribank.
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