Cottco completes ZAMCO loan repayment

Published: 06 October 2019

The Cotton Company of Zimbabwe (Cottco) has completed repayment of a $54 million loan granted by ZAMCO in 2014, marking a milestone in the revival of the company, backed by government support granted through the Presidential inputs scheme.

This emerged at an inputs distribution program in Chiweshe.

Cottco has started Presidential inputs distribution early this season with Chiweshe, a traditional cotton growing centre that had slowed production in recent years being included in the program.

Speaking at an inputs distribution event, Cottco Head of Operations, Ginning and Marketing Mr, Maxmore Njanji thanked government support for reviving the company and production in traditional cotton farming hubs where activity was now subdued.

"We got a loan from ZAMCO in 2014 and I have good news, we managed to pay that whole debt amounting to $54 million. So, we thank government. Also on the presidential inputs scheme, here in Glendale Chiweshe we remembered you with inputs. You will get fertiliser and chemicals for free. All we ask is for your strength. This program is here to end poverty so we thank the President through our MP who invited us here," said Mr. Njanji.

Mazowe Central Legislator, Sydney Chidamba encouraged villagers to use the inputs wisely in order to unlock the intended financial benefits at household and national level.

"I also want to thank our President, Baba Mnangagwa for hearing our pleas and bringing this program led by Cottco on behalf of the people of Chiweshe. I promise you that, we will make you proud," said Chidamba.

Beneficiaries of inputs committed to restoring the area to its former cotton production glory.

The Presidential inputs scheme which is in its fourth year is targeting 5000 farmers in Chiweshe which falls under the Mount Darwin Business Unit this season. Last year 509 farmers were enlisted in the area as part of efforts to revive cotton production in the country.
- zbc

Tags: Cottco,