Govt Injects $70 Million Into Silo Foods For Cheaper Foodstuffs
The unbundling of the Grain Marketing Board (GMB) into separate entities has resulted in the creation of a new entity, Silo Foods.
The company started operating as a business unit on 1 April this year and its mandate is to make basic goods more available and affordable.
In an interview with The Sunday Mail, Silo Foods managing director Daniel Maregedze said:
The Government has invested about $70 million in the company. This is in fresh capital injection, which will enable us to scale up our operations immediately.
We have already been on the market, but now we are expanding our operations in a big way. On top of that, Treasury is finalising another package for capital equipment, estimated at US$55 million and $40 million over a three-year period.
We started operating as a separate entity on 1 April. We are currently recruiting for key positions in order to capacitate the team to deliver on our mandate.
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