HomeBusiness Digest$10b for livestock restocking scheme

$10b for livestock restocking scheme

Staff Writer

COLD Storage Company (CSC) chairman Antony Mandiwanza says government has earmarked $10 billion for livestock restocking, concentrating on model A2 farms.

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Mandiwanza said the scheme had already begun in Matabeleland.

This week he announced the start of a major and multi-faceted turnaround strategy for the financially beleaguered CSC.

“The strategy and associated plans have been prepared in close consultation with government who have made far-reaching and positive decisions and commitments,” Mandiwanza said.

He said the key elements of the plan include the appointment of a new CSC chief executive, the takeover of past debts, a new livestock financing scheme and a programme to resuscitate veterinary control fencing.

David Mfote has been appointed CSC chief executive officer. Mfote (40) is currently deputy secretary, agricultural economics and marketing in the Ministry of Agriculture and Rural Resources.

He has already had close involvement with the CSC in recent years, having served on its board, audit and marketing committees.

Mandiwanza described as “a most significant and welcome development” the decision by government to take over the CSC’s past debt.

“This now puts the CSC in a strong position to revive its balance sheet,” he said. The CSC owed several financial institutions including Kingdom and Time Bank millions. The banks had threatened to liquidate the cash-strapped parastatal.

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