Online Reporter
Elita Chikwati
The Government is exploring ways to establish alternative funding mechanisms for tobacco so that the country does not rely on offshore funding.
This was stated by Lands, Agriculture, Fisheries, Water and Rural Development Minister Dr Anxious Masuka at the ongoing Tobacco Conference.
Addressing delegates, Minister Masuka noted that the country was not generating much revenue from the sector due to a lack of local funding.
He emphasised the need for innovative funding mechanisms to ensure sustainable growth and development, as well as to increase value addition and beneficiation of the crop.
“For every dollar that comes for financing, 88 cents go back, and only 12 cents remain,” he said.
He added that the Government was considering establishing a seed fund of US$50 million to stimulate local financing for tobacco farmers.
Online Reporter