NSSA avails $30m to fertiliser firms

Herald Correspondent
The National Social Security Authority will avail $30 million to Sable Chemicals Company and Omnia Fertiliser Company as part of investment strategy aimed at boosting agricultural output and reducing the country import bill, an official has said.

NSSA’s general manager Ms Elizabeth Chitiga said it had always been the organisation’s desire to assist fertiliser companies. “Supporting fertiliser companies is in line with NSSA’s investment strategy that has seen us investing in various companies spanning the total value chain of the food sector,” said Ms Chitiga.

“After successfully disbursing $20 million to fertiliser companies in 2016, this year we expect to inject a further $30m in support to various fertiliser companies. “We believe that fertiliser is a key input in the agricultural process and is thus integral to increasing national agricultural output.

“Local production of fertilisers will also reduce the import bill allowing the country to save much needed foreign currency. Last year we injected $20m, which was split between Zimbabwe Fertiliser Company (ZFC) and Windmill.”

Over the years, NSSA has released several millions of dollars in various projects, it injected $5 000 to the Special Olympics team while $18m was issued to revive the Cold Storage Company.

It also availed a $20 million term loan facility to a local commercial bank in August enabling the sourcing of fertiliser raw materials and stocks from a foreign supplier.