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    $1 Million over expended to Castor Bean Farmers in Zimbabwe for 2021 alone

    Posted On 06 Aug 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 8

    By Abdul Rahman Bangura–

    Photo Credit: Facebook

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Bio-technology firm, Oil Castor, says it has paid over US$1 million to castor bean farmers this year alone.

    Alvaro Arellano – co-founder of the Bio-technology firm, noted, “the firm runs a programme where rural castor bean farmers buy engineered seed and upon harvesting their crop, Oil Castor buys back the produce.”

    He asserted, Zimbabwe generates intermediate value of castor bean and the best quality was coming from Karoi, Mashonaland West Province.

    “We have managed to pay over a million dollars and when we started this year. We were at about $550, 000 in payments to farmers,” he announced.

    Arellano meant that, he is pleased that the corporation had accomplished what they were intending for.

    “We had hoped to spend between $1 million and $1.2 million paying the farmers this year and we are glad we have managed to.

    “The best quality is coming from Karoi. Very hot and humid areas do well. However, other areas like Marondera and Gweru are producing acceptable quality beans,” he announced.

    In 2020, Oil Castor reimbursed Castor Bean producers about $500, 000 against a mark of $700, 000. The target was misplaced due to the unfavorable consequences of the Novel Coronavirus Virus (COVID-19) pandemic. The company has in latter years been enabling local growers to enterprise into castor bean production under its engineered seed enterprise.

    The corporation utilizes castor bean to produce motor oil or hydraulic oil, bio-diesel and a wide range of products such as cosmetic oils and soaps, which it exports around the globe. The crop has also been spotted as a ready jatropha alternative in producing biodiesel. It is wished that, if more agriculturist attempt into castor bean production, this would be a beneficial solution to Zimbabwe’s fuel situation. Study has verified that, castor oil biodiesel has a very l cloud and pour points, which renders it the best substitute in winter conditions.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
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    8 Comments

    1. Abel August 6, 2021 at 3:53 am Reply

      Our governments all over Africa should support our small skill farmers. Thank you for the report. Abel in Harare Zimbabwe

      • New Africa Business News, Staff Correspondent August 6, 2021 at 4:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Kelvin August 6, 2021 at 3:56 am Reply

      Like your reports and thank you Bangura with your team. Johannesburg SOUTH AFRICA. Kelvin

      • New Africa Business News, Staff Correspondent August 6, 2021 at 4:02 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Martin August 6, 2021 at 3:58 am Reply

      The newsletters are great. Like to thank new Africa business news. Windhoek Namibia. Martin

      • New Africa Business News, Staff Correspondent August 6, 2021 at 4:02 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Lucy August 6, 2021 at 4:01 am Reply

      Farming sector is going to be a multi trillion dollar industry. Great investment opportunity. Gaborone in Botswana. Lucy

      • New Africa Business News, Staff Correspondent August 6, 2021 at 4:02 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

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