BUSINESS REPORTER
State-owned financial services concern, AFC Holdings, is in the market to raise ZWL$3bn to finance the 2021/22 summer cropping season.
The money will be raised through the issuance of Agro Bills with tenor of 270 and 360 days. The Bills will be in multiples of ZWL$500,000 and ZWL$1,000,000.
“AFC Holdings intends to issue Agro Bills of ZWL$3,000,000,000 to finance the summer cropping season. AFC Holdings hereby invites corporate and individual investors to subscribe to these bills,” AFC Holdings said in a notice on Monday.
The raising of funds for the 2021/22 cropping season comes as agriculture experts are advising farmer to switch to short term seed varieties as drought scare looms for Zimbabwe.
Business Times reported last week that Zimbabwe is facing severe to exceptional drought-like conditions which has seen some early planted crops wilting owing to moisture loss.
Zimbabwe has experienced droughts after every 10 years since 1982.
