NSSA avails $30m to fer­tiliser firms

The Herald (Zimbabwe) - - National News - Her­ald Cor­re­spon­dent

THE Na­tional So­cial Se­cu­rity Author­ity will avail $30 mil­lion to Sable Chem­i­cals Com­pany and Om­nia Fer­tiliser Com­pany as part of in­vest­ment strat­egy aimed at boost­ing agri­cul­tural out­put and re­duc­ing the coun­try im­port bill, an of­fi­cial has said.

NSSA’s gen­eral man­ager Ms El­iz­a­beth Chit­iga said it had al­ways been the or­gan­i­sa­tion’s de­sire to as­sist fer­tiliser com­pa­nies.

“Sup­port­ing fer­tiliser com­pa­nies is in line with NSSA’s in­vest­ment strat­egy that has seen us in­vest­ing in var­i­ous com­pa­nies span­ning the to­tal value chain of the food sec­tor,” said Ms Chit­iga.

“Af­ter suc­cess­fully dis­burs­ing $20 mil­lion to fer­tiliser com­pa­nies in 2016, this year we ex­pect to in­ject a fur­ther $30m in sup­port to var­i­ous fer­tiliser com­pa­nies.

“We be­lieve that fer­tiliser is a key in­put in the agri­cul­tural process and is thus in­te­gral to in­creas­ing na­tional agri­cul­tural out­put.

“Lo­cal pro­duc­tion of fer­tilis­ers will also re­duce the im­port bill al­low­ing the coun­try to save much needed for­eign currency. Last year we in­jected $20m, which was split be­tween Zim­babwe Fer­tiliser Com­pany (ZFC) and Wind­mill.”

Over the years, NSSA has re­leased sev­eral mil­lions of dol­lars in var­i­ous projects, it in­jected $5 000 to the Spe­cial Olympics team while $18m was is­sued to re­vive the Cold Stor­age Com­pany.

It also availed a $20 mil­lion term loan fa­cil­ity to a lo­cal com­mer­cial bank in Au­gust en­abling the sourc­ing of fer­tiliser raw ma­te­ri­als and stocks from a for­eign sup­plier.

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.