CFC funds horticultural projects in Tanzania, Zimbabwe

Trans Zambezi Industries Limited has launched a US$800 000 small-scale horticultural project in Tanzania in which about 600 farmers are expected to benefit.

TZI chief executive Mr. Edwin Moyo said the farmers expected to benefit from the project were involved in growing of fruit, passion and citrus. The funds were provided by a Netherlands-based financier, the Common Fund for Commodities. CFC is an inter-governmental financial institution established within the framework of the United Nations.

Mr. Moyo said the Infrastructure Development Bank of Zimbabwe was administering the funds. "We got a total of about US$2,2 million from our financing partner in Netherlands of which US$800 000 would be spent on projects in Tanzania while the remainder would be used for projects in Zimbabwe."

In August this year, a similar project was launched in Marondera, involving about 5 000 farmers into fresh vegetable production, mainly for the export market.About US$3 million was invested in the project with funds coming in from CFC.

The fund's specific mandate is to support developing countries that are commodity dependent to improve and diversify commodities production and trade. It funded projects which typically have a market development and poverty alleviation orientation. Through a variety of project-based initiatives, CFC places a high premium on development of commodities-based economies upon which the producers and exporters depend for their livelihoods.Currently, the fund has a membership of 106 countries. Institutional members include the European Community, the African Union, East African Community and the Common Market for Eastern and Southern Africa. The Secretariat is based in Amsterdam, the Netherlands.

The Herald