Time Bank Offers US$3.5 Billion Compensation Package For War Veterans
Time Bank of Zimbabwe (Time Bank) has offered a US$3.5 billion compensation package to Zimbabwe’s liberation war veterans as part of its broader US$38 billion syndicated loan proposal to the government, reported Zimbabwe Independent.
The US$38 billion proposal aims to cover Zimbabwe’s sovereign debt obligations to key creditors, including compensation to various groups such as previous farm owners.
In October, the veterans wrote to Time Bank, requesting inclusion in the pay-outs, citing their contributions during the liberation struggle.
Recently, the bank announced it had agreed to the war veterans’ demands. However, the inclusion is conditional: the veterans must support the bank’s broader initiative to compensate other listed beneficiaries.
These beneficiaries include pensioners, depositors, ex-farm workers, and recipients of the social welfare fund, among others. The bank said:
An additional compensation of about US$3,2 billion will be paid for the land by donors without obligations to the government, and Time Bank will assist PFOs (previous farm owners) raise such donations.
Compensations to the first group of indigenous Zimbabweans hereinafter referred to as the first group of people or their representatives in terms of Section 295 (1) of the Constitution of Zimbabwe for their land which was acquired by the State without compensation before 1980.
This amount will be paid to organisations that benefit many people, namely, Social Welfare Fund of US$3 billion for ordinary people, Veterans of Liberation Struggle Compensation Fund of US$3,5 billion, Venture Capital Fund of US$2,5 billion, Financial Inclusion Fund of Other Groups US$1 billion, (among others).
The newly established US$3.5 billion fund for war veterans will be sourced from the previously proposed US$4.5 billion Financial Inclusion Fund.
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