US$55m kitty for horticulture sector

WITH exactly two days left before the country holds the second edition of the horticulture investment forum to seek ways of growing the sector towards achieving the US$1 billion target by 2030, a local finance institution has lined up new funding options to the tune of US$55 million towards horticultural production.

NMB Zimbabwe group chief executive officer Mr Gerald Gore said after successfully deploying a €12,5m line-of-credit facility secured from the European Investment Bank (EIB) for Zimbabwean horticulture industry, they were now working towards availing a further US$55 million for the promising sector.

“NMB has been successful in mobilising foreign lines of credit in excess of US$130 million since 2010. We accessed €12,5 million from EIB, which was largely deployed to support the horticulture industry. We are also in the process of drawing down US$10 million from Trade and Development Bank (TDB), the bulk of which will also go into horticulture.

“We are currently working on a pipeline in excess of US$55 million and two of the institutions have already conducted a due diligence on the bank,” the NMB boss said.

Mr Gore said with the foreign direct investments (FDIs), they anticipated playing a significant role in growing horticulture exports and financing expansion projects, which will create more than 10 000 jobs.

He said NMB Bank Zimbabwe and Rabo Partnerships entered into a multi-year partnership aiming to support NMB to become a dominant player in the Food and Agribusiness sector and to play a catalytic role in the development of the agricultural ecosystem of the country.

Rabobank is a prominent Dutch multinational banking and financial services institution with a rich history and a global presence. Headquartered in Utrecht, Netherlands, Rabobank operates on cooperative principles and has deep roots in the Dutch financial landscape.

“Our goal is to facilitate access to financing within both the wholesale markets and among smallholder farmers. In the initial phase, NMB will establish strategic partnerships within key segments, including horticulture, grain and oilseeds, as well as dairy and poultry value chains. We aspire to provide premium support and services, empowering farmers in the fields as well as connecting them to international markets,” he said.

Mr Gore added that they were looking forward to establishing strong partnerships with horticulture growers through their investment initiatives.

“We are excited to partner with the Horticultural Development Council (HDC) for this critical forum. NMB Bank is a big supporter of the horticulture industry with most farmers especially in the blueberry sub-sector having received financial support from the bank. We have proven expertise in this area and when the opportunity came to participate in this forum as a flagship sponsor, it was a very easy decision to make on our part,” Mr Gore added.

The HDC, which represents producers of the country's horticultural crops, is to host the second edition Horticulture Investment Forum this Thursday in Harare. The event brings together farmers, investors and policymakers to discuss ways of fulfilling Zimbabwe's vast potential to become a global player.