Zimbabwe: 'Seed Co Reels Under U.S.$16m Debt'

14 November 2007

Harare — Seed Co Limited is reeling under a US$16 million foreign debt as at September 30, officials at the company revealed this week but expressed confidence that the seed company will be able to clear the debt in the not-too-distant future.

Apart from the debt accumulated as a result of foreign borrowings, local borrowings stood at $766 billion, 50 percent of which was under the Aspef facility. Seed Co company secretary Mr John Matorofa told analysts during the presentation of its half-year financial results on Monday that the offshore borrowings were provided by Stanbic Bank of Botswana Limited.

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