BancABC expects to increase its investments in sugarcane production this year, up from the $21 million it injected in the previous agricultural season.
BY BUSINESS REPORTER
Speaking on the sidelines of the handover of a truck at Chinotimba Primary School in Victoria Falls, BancABC head of retail and SME banking Rufaro Hatendi said the bank has a huge portfolio in Chiredzi sugarcane plantations, where it assists 550 small-scale farmers in the sugar industry.
“We intend to grow that portfolio this year by at least 10%. It is an area that we are going to increase in the foreseeable future,” he said.
Hatendi said the small-scale farmers were assisted under the sustainable rural communities project and the bank would look at opportunities of growth in the agriculture sector.
Under the facility, the bank finances the input suppliers who then provide inputs to the farmers who do their farming and sell the produce to Tongaat, which is the sole buyer.
He said the arrangement was easy to manage as the bank would get its payment when the buyer pays for the produce.
Hatendi said the system was watertight and there were no incidences of side marketing.
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