The Cotton Company of Zimbabwe has received $502 million from the government for the payment of last year’s unpaid cotton delivery subsidies to farmers.
The government has disbursed the second batch of unpaid cotton subsidies given by farmers last season.
Cotton Company of Zimbabwe (Cottco) Chief Executive Officer Pious Manamike verified receiving the second batch of $502 million to cover unpaid government grants owed to farmers who have not received their payments since last year. He stated:
We are really pleased that the government is keeping its promise; we received the first batch of 66 million dollars in June, and yesterday we received another batch of 502 million dollars, which we will distribute to all farmers who have bank and mobile accounts.
We encourage those who have yet to open accounts to do so, and we encourage banks to reach down to the grassroots and assist farmers with account opening.
We have received 105 metric tonnes of cotton so far this season, and deliveries are still pouring in, so we are certain that our objective of 150M/T will be met.
Cotton was included in the Pfumvudza programme this year, with 400 thousand farmers participating.
