The Cotton Company of Zimbabwe has received $502 million from the government for onward payment of last years outstanding subsidies to farmers for their cotton deliveries.
The government has released the second batch of the outstanding subsidies for cotton delivered by farmers last season.
Cotton Company of Zimbabwe, Cottco Chief Executive Officer Pious Manamike confirmed receiving the second batch of $502 million to settle outstanding government grants to farmers who were yet to get their dues since last year. He said:
We are very happy that the government continue to fulfil its promise, we got the first batch of 66 million dollars in June and yesterday we received another batch of 502 million dollars which we are going to pay all farmers with bank and mobile accounts.
We urge those who are yet to open accounts to do so and we encourage banks to also go down to the grassroots and assist farmers with opening accounts.
We have so far received 105 metric tonnes of cotton this season, and deliveries are still coming in and we are confident that the target of 150M/T is achievable.
The government has this year put cotton under the Pfumvudza programme and 400 thousand farmers participated.
Over 500 thousand households are expected to grow the cash crop under the presidential inputs scheme this season.
More: ZBC News