Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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‘Zim secures $300m Brazil farm loan’

‘Zim secures $300m Brazil farm loan’

http://www.iol.co.za/

October 27 2011 at 03:49pm

Zimbabwe has secured a $300 million loan from Brazil to finance agriculture 
and boost crop production after successive years of food deficits, state 
media reported on Thursday.

The loan is part of Brazil’s aid programme for Africa, the state-controlled 
Herald newspaper said.

Agriculture Minister Joseph Made said the funds would be used to support 
farmers who have largely failed to get loans from local banks that are still 
recovering from a prolonged economic crisis.

“The … programme is important for the country as it has managed to address 
some of the challenges we have been facing in securing lines of credit to 
support the agriculture sector that is the backbone of the economy,” Made 
told the newspaper.

Once a regional bread-basket, Zimbabwe has struggled to feed itself since 
2000 when President Robert Mugabe’s government started to seize farms owned 
by whites to resettle landless blacks.

The agriculture sector has shown signs of recovery under a unity government 
set up two years ago by Mugabe and his rival, Prime Minister Morgan 
Tsvangirai, following disputed elections in 2008.

The sector is expected to grow 33 percent in 2011, according to government 
projections. Production of the staple maize grain has risen from 400,000 
metric tonnes in 2008 to 1.45 million tonnes this year, but is still below a 
national requirement of 2 million tonnes. – Reuters

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