Friday, October 12, 2012

(DAILY MAIL ZM) FRA secures K1.5 trillion for farmers

FRA secures K1.5 trillion for farmers
October 12, 2012

THE Food Reserve Agency (FRA) says it has secured K1.5 trillion from commercials banks towards the payment of farmers across the country and has pledged to complete the payment exercise by the end of October, 2012.

FRA chairperson Guy Robinson says the agency has made arrangements with some local financial institutions to provide funds in form of a loan after Government’s consent last week.

Mr Robinson said the agency received K300 billion from Government and is expecting the rest of the money to come through soon.

“Yes, we are behind in terms of payments, we got K300 billion from Government but we are expecting the rest of the money to come through. We were given authority last week by Government to borrow money and in one week we have managed to secure K1.5 trillion,” Mr Robinson said.

Mr Robinson was speaking at the Zambia National Farmers Union (ZNFU) 107th Annual Congress under the theme dubbed Livestock and Agricultural Exports in Lusaka yesterday.

He said the agency is fortunate that local banks have come forward to provide funds saying currently money is coming through with payments being made.

“As we speak now, payments are being made and we do pledge that payments are made every day and please be assured that by the end of October, payments will be completed,” he said.

He said the agency has the mandate to meet the target of raising K2.1 million required to pay farmers.

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