Zimbabwe: Macadamia farmers struggle to get funding

Published 2022년 12월 16일

Tridge summary

Zimbabwe's macadamia nut farmers are facing challenges in accessing the US$30 million Horticulture Export Revolving Facility, intended to boost production and finance necessary expenses. Despite submitting their proposal to the Horticulture Development Council, they have not received favorable response and find the bank conditions too stringent. This funding is crucial for the farmers to meet the demands of the expanding global macadamia market, expected to reach US$2,95 billion by 2028, driven by its health benefits and increasing demand. The lack of funding and poor prices are pushing farmers to abandon macadamia cultivation, potentially harming the country's foreign currency earnings and its alternative strategy to tobacco, which is under threat due to anti-tobacco lobbying.

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Original content

Source: Macadamia farmers struggle to get funding | The Herald Business Reporter Macadamia nut farmers in Zimbabwe are struggling to access funding to support production of the lucrative crop, despite its huge potential to generate foreign currency through exports, an industry official said. Mr James Maisiri, the secretary general of Macadamia Association of Zimbabwe, an official group that represents local producers, said farmers had hoped they would benefit from the recently launched US$30 million Horticulture Export Revolving Facility, “but all the engagements with relevant authorities have not been helpful.” The funding was earmarked from the Special Drawing Rights (SDRs) allocation of US$961 million to Zimbabwe by the International Monetary Fund to help economies recover from the effects of the coronavirus pandemic. The fund is aimed at enabling local farmers to boost production and tackling challenges related to unavailability and lack of access to appropriately structured ...

Source: Zimbabwesituation