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Lloyd Gumbo Online Reporter
AGRIBANK officials say there is a need for Government to recapitalise the bank to guarantee success of the land reform exercise.
The bank’s chief executive officer, Mr Sam Malaba, said the US$4 million allocated to them by Treasury in the 2014 national budget was inadequate.
The bank, he said, had requested US$50 million.
Mr Malaba made the remarks when he appeared before the Parliamentary Portfolio Committee on Lands, Agriculture Mechanisation and Irrigation this morning.
The committee is chaired by Mbire legislator Cde David Butau (Zanu-PF).
“We had submitted a case for recapitalisation of the bank and what we received in the budget was an allocation of US$4 million. The bank is undercapitalized and requires urgent capitalisation,” said Mr Malaba.”
MPs said they would push for the recapitalisation of the bank to ensure success of the land reform exercise.
More details to follow……..
Online Reporter