President Mnangagwa launches AFC Holdings Limited

President Mnangagwa today launched the Agricultural Finance Corporation (AFC) Holdings Limited, formerly Agribank.

Speaking during the event President Mnangagwa said the newly launched institution will fund and expand the agricultural sector.

“The new institution will provide funding across the whole agriculture value chain from communal to large-scale farmers.”

The AFC Holdings was launched together with its four subsidiaries, the AFC Commercial Bank, AFC Insurance, AFC Land and Development Bank, and AFC Leasing Company.

In his remarks, the President said the AFC Holdings subsidiary companies will help in covering up financial gaps in the country.

“Projects of this nature will propel the agriculture revolution. The AFC subsidiary companies will meet the financial gaps.”

He further urged farmers to take advantage of the AFC loans aiming at restructuring the economy

“Farmers are urged to be pro-active. Restructuring our economy is meant to reverse the trend where the rural population is drawn to cities.”

In his closing remarks President Mnangagwa said the institution was key to the recovery of the agriculture sector.