News24

Zim secures $300m Brazil farm loan

2011-10-27 10:25

Harare - Zimbabwe has secured a $300m loan from Brazil to finance agriculture and boost crop production after successive years of food deficits, state media reported on Thursday.

The loan is part of Brazil's aid programme for Africa, the state-controlled Herald newspaper said.

Agriculture Minister Joseph Made said the funds would be used to support farmers who have largely failed to get loans from local banks that are still recovering from a prolonged economic crisis.

"The ... programme is important for the country as it has managed to address some of the challenges we have been facing in securing lines of credit to support the agriculture sector that is the backbone of the economy," Made told the newspaper.

Once a regional bread-basket, Zimbabwe has struggled to feed itself since 2000 when President Robert Mugabe's government started to seize farms owned by whites to resettle landless blacks.

The agriculture sector has shown signs of recovery under a unity government set up two years ago by Mugabe and his rival, Prime Minister Morgan Tsvangirai, following disputed elections in 2008.

The sector is expected to grow 33% in 2011, according to government projections. Production of the staple maize grain has risen from 400 000 metric tons in 2008 to 1.45 million tons this year, but is still below a national requirement of two million tons.

Comments
  • stoute.babuseng - 2011-10-27 10:36

    Brazil is one of the most corrupt country in the world, you know what they say Birds of the same feathers flock together

      Dirk - 2011-10-27 13:30

      Brazil, along with SAs other BRICS friends, are of the most corrupt countries in the world. The ANC finds themselves in good company

  • Greg - 2011-10-27 10:51

    Wonder why they didn’t borrow from SA? R300m is small change in the eyes of the ANC and especially the ANCYL. This amount barely covers two parties.

      Jonny - 2011-10-27 10:56

      greg, the amount is over R2 billion!

      Deon - 2011-10-27 11:23

      1$ = +- R8

      Greg - 2011-10-27 12:11

      @Jonny. Got it, thanks.

  • Gavin - 2011-10-27 11:12

    Wow, talk about having a brain fart, this money won't go towards food, it'll be stolen by disgrace and rubbish mugarbage.

  • Andre - 2011-10-27 11:13

    Hahahahahaha! How dumb can you be! Now someone else have to bail them out of their stupidity! Mugabe is the clown of the century - and all who support him. His blatant racism makes him a fool of the blacks of Africa. A disgrace to them, pity they don't say much.

  • Nic - 2011-10-27 11:17

    what a waist and the Mugabe can now go shop again!!!!

  • Jayne - 2011-10-27 11:25

    and why do you think there is a food shortage after the white owned farms were seized? they thought that by taking the farms away they would be redistributing the wealth.... the problem is that the new farm owners had no funds nor the knowledge on how to farm on such a large scale. Another case of give them a fishing rod, not the fish!

  • Tamara - 2011-10-27 11:49

    Kiss your money goodbye Brazil. And watch the press for news of Mugabe's latest multi million dollar excesses.

  • Martin - 2011-10-27 12:52

    most brazilians live in poverty.

  • Bill - 2011-10-27 14:47

    Brazil is just as corrupt as Zimbabwe.....! In fact Brazil is even more corrupt than SA, believe it or not! But alas, I think they will never see that money again!

  • comurray - 2011-10-27 15:18

    I would imagine that about 3% will go to farming and the rest will be squandered by Bob and company.

  • maongera - 2011-10-27 16:30

    Once a regional bread-basket, Zimbabwe has struggled to feed itself since 2000 when President Robert Mugabe's government started to seize farms owned by whites to resettle landless blacks. Nonsense the wqhites were farming tobbacco and exporting it.The locals sold their maize at the GMB talk of haullucinations

  • christian.helberg - 2011-10-28 07:23

    it is amazing how much ZANUPF has to beg, borrow and steal, Zimbabwe was one of the wealthiest countries in Africa, brought to wreck and ruin

  • christian.helberg - 2011-10-28 07:23

    it is amazing how much ZANUPF has to beg, borrow and steal, Zimbabwe was one of the wealthiest countries in Africa, brought to wreck and ruin

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