President Mnangagwa Launches AFC Holdings, Formerly Agribank
President Emmerson Mnangagwa Friday launched the Agricultural Finance Company (AFC) Holdings, formerly Agribank.
The AFC Holdings has four subsidiaries: AFC Commercial Bank, AFC Insurance, AFC Land and Development Bank, and AFC Leasing Company.
The new institution will provide funding across the whole agriculture value chain from communal to large-scale farmers.
In his remarks, the President said AFC Holdings was premised on playing a strategic and pivotal role within the Agriculture industry.
Speaking at the same event, Finance and Economic Development Minister, Professor Mthuli Ncube said the restructuring of the AgriBank into AFC Holdings was achieved through hard work adding that it has been a long journey.
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Ncube said $700million was the initial capital injected into the AFC Holdings adding that the Reserve Bank of Zimbabwe (RBZ) is committed to supporting the bank.
