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 loan proposal to the government.
The move follows pressure from war veterans, who were initially excluded from the proposed compensation plan.
In October, the veterans wrote to Time Bank, demanding inclusion in the pay-outs, citing their sacrifices during the liberation struggle.
Time Bank’s proposal aims to secure syndicated loans worth US$38 billion for the government to address a range of financial obligations.
These include compensating white former farm owners, settling Zimbabwe’s sovereign debt, and supporting other marginalised groups.
In an update yesterday, the bank announced it had acceded to the war veterans’ demands. However, the inclusion comes with a condition: The veterans must support the bank’s broader initiative to compensate other listed beneficiaries.
The beneficiaries earmarked include pensioners, depositors, ex-farm workers, and beneficiaries of the social welfare fund, among others.
“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.
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“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 added US$3,5 billion fund for war veterans will be drawn from the previously proposed US$4,5 billion Financial Inclusion Fund.
Douglas Mahiya, the national secretary for the War Veterans League under the ruling Zanu PF, had earlier expressed disappointment at the veterans’ initial exclusion.
He reminded the bank of the sacrifices made by liberators, who endured hardships in the struggle for Zimbabwe’s independence, and insisted they be part of any compensation package.
