IMF allocates Zim US$958m for agric and industry

A number of irrigation schemes across the country are set to benefit from the US$20 million Smallholder farmers Irrigation Infrastructure Development Fund.

Audrey Galawu

The International Monetary Fund (IMF) allocated Zimbabwe US$958 million as its share of the US$650 billion released to member countries.

The funds were channeled towards agriculture, tourism and industry retooling.

The Horticulture Revolving Fund got US$30 million which is expected to empower farmers to start horticulture projects as well as acquire value addition facilities that will enable dehydrating, freezing, canning, bottling, juicing and concentrating their produce.

A total of US$22.5 million is going towards the Industry Retooling for Equipment and Replacement for the Value Chain Revolving Fund (REVCRF).

“The fund is expected to support companies with their foreign currency requirements geared towards retooling and investments in value chains to increase production for both the local and export markets,” government said.

The REVCRF funds were allocated to different value chains, including leather, cotton and pharmaceutical companies which were given US$5 million while US$4 million went towards fertiliser and US$3.5 million went to other agro-processing projects.

The tourism industry got US$7.5 million through the Tourism Facilities Services Development and Upgrading Revolving Fund (TFDURF).

The fund will be used for resuscitating companies in the tourism sector which got a battering from Covid-19 with most enterprises either closing down or scaling down on operations during the pandemic period.

According to the press release, the Smallholder Farmers Irrigation Infrastructure Development Fund (SFIIDF) got US$20 million which will be disbursed through the National Budget in January 2023 to identified projects in districts in the countries’ provinces, except Harare and Bulawayo.