The African Medallion Group, owned by South Africa-based Zimbabwean businessman Frank Buyanga, has availed nearly $35 million to procure and deliver fuel, pharmaceuticals and other products that are in short supply. This came after Government granted AMG the approval to do so following its request to assist.
AMG chairman Ms Estee Mamman wrote to Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya recently seeking to assist with the procurement. Dr Mangudya on Monday responded to the request and gave AMG the nod.
“The bank appreciates your desire to contribute to the solution to the challenges facing the country and wishes to advise that you directly approach the importers of the proposed commodities. This is due to the fact that the buyers will be using their free funds to pay for the imports,” read part of his letter.
In response, Ms Mamman said the group was now commissioning the process.
“African Medallion Group will immediately begin to engage Zimbabwean entities, including but not limited to African Medallion (Pvt) Ltd Zimbabwe, Zimbabwe Revenue Authority (Zimra) and any other necessary bodies in an effort to assist the people of Zimbabwe together with the Government,” she said.
“African Medallion Group will proceed to contact the relevant authorities in Zimbabwe to obtain the necessary approval, import permits and other documentation deemed necessary for the procurement and delivery of fuel, pharmaceuticals, cement, cooking oil and other commodities through a bonded infrastructure.”
She added, “African Medallion Group will avail a ZAR500 million (US$34 800 000) facility to the African Medallion (Pvt) Ltd Zimbabwe entity for the inward procurement of all commodities. The facility will be redeemable in free funds.” Ms Mamman said in line with their transparency policy, they were inviting RBZ agents to supervise AMG in all its endeavours and practice.
“This is a non-profit making initiative. The benefit is mainly for the Government and people of Zimbabwe,” he said.
Meanwhile, Ms Mamman has since requested Zimra to provide them with the necessary import permits to enable them to help address the country’s economic challenges urgently.
“We urge you to assist African Medallion Group with processing of the necessary import documentation expediently so that we can address the needs of the people with the urgency this matter requires. Within seven days we will be commissioning the process,” read part of the letter addressed to Zimra Commissioner-General Ms Faith Mazani dated November 12, 2018.
Ms Mamman said they will be responsible for local logistics and distribution and also invited Zimra agents to supervise the entire process.