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 <a href="https://www.theindependent.co.zw/local-news/article/200036183/time-bank-offers-war-vets-us35bn">Zimbabwe Independent</a>.
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:
<blockquote>
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).
</blockquote>
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.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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Time Bank in Zimbabwe is offering US$3.5 billion to war veterans. This is part of a bigger plan to pay off US$38 billion in debts to different groups. The veterans asked to be included in the compensation, and the bank agreed as long as they support the whole plan. Other beneficiaries include pensioners, depositors, and ex-farm workers. The money will come from a fund called the Financial Inclusion Fund. The veterans are getting a big chunk of the money and must support the bank's plan to get it.

Time Bank Offers US$3.5 Billion Compensation Package For War Veterans

Time Bank Zimbabwe Limited is scheduled to re-open on December 01 this year and has offered to finance white former farmers.
In a statement, the bank said it was in the process of seeking the requisite approvals before rolling out some of the facilities, while underlining that it will not be taking deposits from the public, until further notice.
The bank said it will provide the government with a loan facility from which previous farm owners (PFOs) could be paid their compensation. Read the statement:
<blockquote>
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.
</blockquote>
In July 2020, Government committed to pay US$3,5 billion as compensation to about 4000 former white commercial farmers through the Global Compensation Deed.
Government has, however, struggled to pay the US$3,5 billion, with Treasury indicating in June this year that only $53 million has so far been paid to 737 PFOs.
Time Bank also indicated intentions to arrange loan facilities for exporters and mortgage loan borrowers and for payment of compensation to previous farm owners under the Global Compensation Deed with the government.
The latest development by the indigenously owned financial institution has attracted criticism from some observers who are calling for the compensation of account holders who lost their money when the bank closed in 2004. 

More: <a href="https://www.herald.co.zw/time-bank-offers-to-finance-former-farmers-compensation/">The Herald</a>

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