Published: 04 February 2014

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 Sam Malaba said the $4 million allocated to them by Treasury in the 2014 national budget was inadequate. The bank, he said, had requested $50 million.

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 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 $4 million. The bank is undercapitalized and requires urgent capitalisation," said Malaba.

MPs said they would push for the recapitalisation of the bank to ensure success of the land reform exercise.
- bh24

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