Time Bank Zimbabwe Limited is set to reopen its doors on the first of December this year. The bank had been forced to close its doors as it was engaged in a long-standing dispute with the RBZ. The case ended with the bank winning its bid to reopen.
Time Bank is not just going to quietly reopen they have big plans. Part of these plans involve them funding the government’s bid to compensate former commercial white farms who lost their farms under the government’s land reform program. Last year the government said it would compensate commercial farmers in a deal worth around US$3.5 billion. It’s not clear how the government is going to repay this loan if Time Bank does indeed avail them with the loan.
The purpose of the facility is to finance the payment of compensations by Government to PFOs who are covered by the Global Compensation Deed. The compensation amount will be paid through Time Bank by Government to the PFO and Time Bank will pay such compensation amount in United States dollars, cash or bank transfer.
Interested PFOs will be required to submit application forms to Time Bank for payment. The maximum payment amount is US$10 000 per PFO, at any given time. Additional amounts will be given in due course. A letter of confirmation from Government is required which confirms that the Government will repay the loan amount to Time Bank.A statement from Time Bank