SFFRFM to borrow K40bn for fertiliser

Funding challenges have forced Smallholder Farmers Fertiliser Revolving Fund of Malawi (SFFRFM) to seek a K40 billion loan from National Bank of Malawi (NBM) plc to procure fertiliser to support its commercial function.

SFFRFM chief executive officer Richard Chikunkhuzeni said this in Lilongwe on Thursday when he led his team to a meeting with the Parliamentary Committee on Agriculture and Irrigation.

He said SFFRFM has been engaging Treasury on recapitalisation to procure fertiliser for commercial purposes.

Said Chikunkhuzeni: “For this year, they [Treasury] are supporting us to borrow K40 billion from National Bank to finance the commercial fertiliser procurement.”

In a separate interview yesterday, committee chairperson Sameer Suleman said the committee supported SFFRFM’s request to be recapitalised, but added the recapitalidation should come from government.