Zimbabwe has so far paid RTGS $53m to 737 white former farmers, mostly elderly and vulnerable, finance minister Mthuli Ncube said on Sunday.

Minister Ncube added government is now working on a grand agreement that will culminate in an MOU and a structure to pay the compensation over 20/30 yrs.

It is estimated the compensation bill could run into US$10bn.

In year 2000, without compensation, Zimbabwe took over land from white commercial farmers and distributed it to landless blacks and also to the connected elite who now own multiple farms.

The total bill could run into billions and the Zimbabwean government is working with international financial institutions on how best to fund the compensation.