Farai Mabeza, Senior Staff Writer 
AFC Holdings’ mooted US$10 million agro-bills for financing the 2023/24 summer cropping season have been given prescribed asset status by the government.
In a note, the diversified financial institution said the agro-bills were guaran – teed by the government and also have a liquid asset status and tax exemption.
“AFC Holdings Limited intends to issue US$10 000 000, (ZWL equivalent) agro-bills to finance the 2023-24 summer crop. AFC hereby invites corporates and individual investors to subscribe to these agro-bills,” AFC said.
“Applications must be for a minimum of US$10 000 (ZWL equivalent). Copies of the application forms are available from AFC Commercial Bank Treasury, at Hurudza House or can be emailed upon request.”
The agricultural financial house said the interest rate was negotiable and the agro-bills would be governed by and construed per the laws of Zimbabwe.
This comes as the government has moved in with speed to assist thousands of farmers who failed to plant last year, and has availed early-maturing seed through the Pfumvudza/ Intwasa inputs programme. Agriculture ministry di – rector for crop production Lenard Munamato recently confirmed the development.
He said that due to late rains received, which only pounded most parts of the country in mid-December, the government was collecting inputs for long-maturing seeds availed to farmers last year, replacing them with the early-maturing varieties.
“Initially, we distributed long-season varieties and now, for those who haven’t planted, we have been giving them short-season varieties.
“The rains were erratic, so there were some farmers to whom we had initially allocated long-season varieties, but we noted that due to the weather forecast, we have long-season varieties that might mature after the rains, so we distributed short-season varieties, which mature in a short period of time,” Munamato added.
He said the targeted areas for distributing the early-maturity varieties were natural farming regions one and two. This comes after AFC said its land and development bank financed 2023 winter wheat cropping, growing the loan book to $53,8 billion as at June 30, 2023.
The bank contributed 13 710 hectares of the 2022/23 summer cropping sea – son where strategic crops such as maize, wheat, soya beans and small grains were financed to ensure food security and self-sufficiency. “The AFC Land and Development Bank strives to provide funding that is low cost and adequately tenured,” AFC said in its recent financials.
