Zimbabwe’s sugar processor Tongaat Hulett says that a local financial institution has availed US$5.2 million for the development of 1 168 ha Pezulu Project.
“Good progress has been made with respect to the development of 1 168ha of Pezulu Project with one local bank having availed US$5,2m (about 50 per cent of the total development cost) with other banks indicating a willingness to fund the balance,” the company said.
Following recommendations from the Ministry of Industry and Commerce, a Tribunal constituting three arbitrators was set up to determine commercial issues relating to the sugar milling agreement for the 2022/23 milling season.
The Company continues to implement various vertical and horizontal sugarcane growth programs. A partnership framework whereby Tongaat Hulett Zimbabwe is co-managing certain underperforming out-grower farms is progressing satisfactorily.
Meanwhile, on Project Kilimanjaro, the sugar processor said the Hippo Valley Estates Limited, in partnership with sister company Triangle Ltd, Government and banks continue to progress the cane expansion project.
The Government has since allocated 700ha of the developed sections of the 4 000ha Kilimanjaro Project to 41 new beneficiaries as part of the economic empowerment and social transformation process.