The Agricultural Development and Marketing Corporation (Admarc) says it needs $300 million (about K222 billion) for recapitalisation to ensure smooth operations, as the state buyer has been criticized for slacking this year. 

Admarc acting chief executive officer Felix Jumbe presented the sum which is more than the K100 billion that the company wanted to borrow in April this year. According to Jumbe, the government cannot manage the sum alone, even as a majority shareholder, hence he suggested external financing through Parliament’s Loan Authorisation Bill.

Should the above be implemented, the Admarc boss has promised that the parastatal will buy from farmers at a government set minimum price for legumes, cotton and at least 500 000 metric tonnes of maize to be traded on a commercial basis to ensure commercial visibility of Admarc.