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AFC agro-bills granted prescribed asset status
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.
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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.”
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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.
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