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By Ross Moyo
The Prople’s Savings Bank (POSB) Zimbabwe has resold 2000 high-tech tractors, 80 combine harvesters and other agricultural equipment to Zimbabwe farmers.POSB chief executive officer t Garainashe Changunda in a statement said the tractors were designed to meet the diverse needs of farmers, ensuring they had the right tools to reinforce their productivity and efficiency.
“We are thrilled to partner with the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development as one of the resellers of the Belarus tractors to our local farmers as part of our commitment to transforming livelihoods and fostering sustainable agricultural practices.
By Ross Moyo
“The bank is offering flexible financing options; we aim to make these tractors accessible to as many farmers as possible, ultimately contributing to the growth and sustainability of Zimbabwe’s agriculture,” said POSB boss Changunda.
The CEO added that the project was a testament to the bank’s unwavering commitment to empowering the agricultural sector and equipping local farmers with the necessary resources to thrive and reach their utmost potential.
The country received “2 000 high tech tractors, 80 combine harvesters and other agricultural equipment over the past few years under phases 1 and 2 of the Belarus Farm Mechanisation Facility.”
People’s own savings bank including AFC Land Bank, CBZ, Women’s Bank and EmpowerBank are among the banks selected by the Government to resell the tractors to farmers.
POSB Zimbabwe, partnered with the Ministry of Lands, Agriculture, Fisheries and Rural Development To make the tractors easily accessible to productive farmers, in terms of which the bank will offer flexible financing options.
A 3-year repayment period with no collateral and an interest rate of 7,5 percent per annum are included in the flexible financing terms.
Farmers who are interested must meet specific criteria, including having a farmer’s account with the bank, a cover letter, security of tenure documents, and a detailed project proposal and payment plan, among others.
Tractors available to farmers under the Belarus facility include 81, 107, 130 and 155 horsepower (HP) models.
According to POSB the financing arrangement was meant to reduce financial strain on farmers and enable them to invest in essential farming machinery in line with President Mnangagwa’s vision.
Tractors are available to individual farmers, registered agribusinesses and members of farming cooperatives and irrigation schemes.
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