US$60 Million Agriculture Mechanisation Deal Approved
The Sunday Mail Business reports that US$60 million Agriculture mechanisation deal between Zimbabwe and an Indian firm, International Tractor Limited (ITL) has been approved.
The project will see local farmers receiving 2100 tractors, 100 combine harvesters and various implements. TL’s local partner, Glenwood Agriculture Equipment (GAE), which is working with a local bank, says a line of credit also been secured.
The equipment which is payable over five years will be sold to farmers, subject to risk assessment by the local bank, which is being used as a local conduit of the facility.
The Ministry of Lands, Agriculture, Water, Climate and Rural and Resettlement has revealed that Zimbabwe has a deficit of about 30 000 tractors.
It is not the first time for Zimbabwe to embark on such an initiative after a similar one by the former Reserve Bank Governor, Gideon Gono that was not a success.
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