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Over 80 000 small-holder farmers will soon benefit from a US$15 million facility that Government entered into with the OPEC Fund for International Development in July and was gazetted last Friday.
Finance and Economic Development Minister Professor Mthuli Ncube gazetted the loan agreement under General Notice 2612 of 2022 in terms of section 300(3) of the Constitution of Zimbabwe, as read with section 18(2) of the Public Debt Management Act.
The minister said the money would be used to transform small-holder farming in the country.
“The loan will be utilised for transformation of the smallholder farming sector through value chain investments by smallholder farmers and agribusinesses, commercialisation of smallholder agriculture in the key urban-rural agricultural production and food trading corridors, infrastructure development including climate proofed irrigation systems, rehabilitation of feeder roads and multipurpose community water supply and creating a conducive policy and institutional environment for smallholder agricultural transformation,” Prof Ncube said.
He added that the loan’s final maturity date is November 15, 2041 and would attract an interest rate of 1 percent per annum while the commitment fee shall be 0,5 percent per annum on the undrawn balance and a grace period of five years five years beginning on July 12, 2022.
The loan is provided under the OPEC Fund’s Food Security Action Plan, a US$1 billion commitment to address global food insecurity. The SACP will target key urban and rural agricultural production and food trading corridors in five provinces – Mashonaland Central, Mashonaland East, Mashonaland West, Midlands and Matabeleland North – and benefit around 80,000 small scale farmers. Fifty percent of the beneficiaries will be women and at least 30 percent will be youth.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said:“Addressing global food insecurity and protecting the most vulnerable and affected populations is a priority for the OPEC Fund. Improving productivity and sustainability of smallholder farmers in Zimbabwe will help to create new employment and improve livelihoods.”
