By Tendai Keith Guvamombe (Harare)
The AFREXIM Bank has announced its readiness to assist Zimbabean Farmers in order to access the latest Facility developed by the financial institution to assist players in the Agricultural Sector across Africa. The facility is set to boost Africa’s food security in the wake Elnino effect.
Dr. Gainmore Zanamwe
Director, Trade Facilitation & Investment Promotion AFREXIM Bank made the announcement during a presentation on Intra-African Trade Fair (IATF), the Border Markets Initiative, and the Export Agriculture for Food Security Programme at the ongoing 19th COMESA Business Forum and Exhibition.
Dr Zanamwe emphasized on the importance of having bankable projects for easy access to the latest AFREXIM Facility.
“Agriculture is relevant now because we are facing the challenges of El-Nino. At Afrixam Bank we developed a 2 billion facility to support primary agriculture production, processes and export.
“The facility is there. People talk about money, money is there but these needs bankable projects. This will not be probably done by the government or the COMESA Secretariat.”
AFREXIM Bank officials currently in the country will identify local farmers who potentially meet the eligibility criteria to access the facility. The focus is on bigger players with the capacity to venture into multi million dollar projets in an ecosystem were small holder farmers can also benefit.
“Before i go back to Cairo i want to be able to see bankable projects. AFREXIM Bank is ready to deploy Capital that will help us deal with food security challenges that we are facing. What we want to do is to identify key anchor farmers that can actually come for a facility, i am actually not talking about a small money it could be 100 million, 500 Milion facility and support that anchor facility.”
The extension to Southern Africa comes as a replica of a successful programme implemented with Dangote as the bank seeks to climate proof Africa’s agriculture sector.
” We want to replicate what we did with Dangote in the Agricultural sector and the small players can then carry small holder farmers. We do it as an eco system. The money is there and you can actually come and will provide support not only financing input but assistance in the lightvof climate change, irrigation is important. “
