Grain millers appoint MetBank as financial advisers over loan extended to govt

The Grain Millers’ Association of Zimbabwe (GMAZ) has appointed MetBank as its financial advisers on the $8 million facility it extended to government for the rehabilitation and repair of Grain Marketing Board silos.

BY STAFF REPORTER

GMAZ chairperson Tafadzwa Musarara

GMAZ chairperson Tafadzwa Musarara

GMAZ chairman Tafadzwa Musara said MetBank’s role would be to channel funds under the facility for the intended purposes, negotiate financial terms and ensure its success.

“The financial advisers will also be responsible in the procurement of nostro currency for GMAZ members for both outstanding payments and future shipments of mainly wheat and rice,” he said

“GMAZ has taken confidence in MetBank’s recent and current tremendous performance in providing critical financial services to the 2016/7 farming season.

“GMAZ is grateful and indebted to everyone who has participated and contributed towards the achievement of the 2016/7 maize bumper crop.”

Musarara said the turning around of the grain “fortunes” had saved the country $350 million, qualifying the current season as the biggest single import substitution activity since Independence in 1980.

Source :

newsday

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