JTI Leaf Malawi gives growers K1.2bn in collateral release
With just days to the opening of the 2023/2024 tobacco marketing season, one of the country’s leading tobacco buyers, JTI Leaf Malawi has released a total of K1, 244, 300, 000 to be distributed to all its growers as collateral release.
Addressing reporters in the capital, Lilongwe on Wednesday, March 27, JTI Leaf Malawi Corporate Affairs and Communications Director, Limbani Kakhome, said every year JTI growers deposit a sum of money as loan security to enter into a contract with the company.
This is the money the company is giving back to the growers as collateral release to help the growers with their day-to-day livelihood needs.
“These growers have over the years been giving us top quality leaf and it goes without saying that we also come in at their time of need,” said Kakhome. “We have a very cordial working relationship with our growers. As such we know that around this time, growers do not have enough money to finance their farming activities. This money is meant to bridge that funding gap.”
Kakhome said tobacco production is quite involving and the company decided to lift the financial load off the shoulders of growers by giving them back the money they deposited with the company as collateral at the start of the season.
The money the growers received comes fast on the heels of year another exercise. The company through its flagship Mlimi Wozitsata Program, in January this year distributed 3,255 metric tons of maize on loan to our growers who farm over 12,000 hectares of tobacco across the country.
JTI is a leading international tobacco and vaping company with operations in more than 130 countries. It is the global owner of both Winston, the number two cigarette brand in the world, and Camel, outside the USA. Other global brands include Mevius and LD. JTI is also a major player in the international vaping market with its heated tobacco brand, Ploom, and e-cigarette brand, Logic. Headquartered in Geneva, Switzerland, the Company employs over 40,000 people and was awarded Global Top Employer for the seventh consecutive year.
Follow and Subscribe Nyasa TV :