LOCAL banks are with immediate effect required by the Reserve Bank of Zimbabwe (RBZ) to disburse support funds to input providers in the agricultural sector.
>”The Reserve Bank will from now onwards require banking institutions to disburse support funds directly to input providers,” RBZ governor Gideon Gono said.
He said the Agricultural and Rural Development Authority, Grain Marketing Board and other organisations designated by government would assume a distributive role directly to the farmers concerned.
In its turnaround process, RBZ is providing farmers with working capital, financing equipment and infrastructure under the productive sector facility.
To ensure full utilisation of capacity and reduce pressure on the limited foreign exchange, the central bank formulated a vibrant market for used agricultural equipment.
Private sector experts are administering the used equipment scheme from Astra Corporation and the Agricultural Research and Extension Services (Arex). – Staff Writer.