Farmec unveils farm machinery loan scheme

farmers.
The shortage of machinery has been a major challenge to agricultural production, as most farmers could not afford farming equipment and implements.
In an interview on the sidelines of the launch of the MF Xtra Series tractors and Perkins generators, Tractive Power Holdings chief executive, Mr Charles Nyambuya said his company had entered into a strategic alliance with the financial sector to ensure farmers are able to purchase machinery on credit.

“We have entered into an agreement with four local financial institutions FBC, CBZ, BancABC and Africa Century Leasing that will see farmers paying between 20 and 30 percent deposit and the rest in agreed terms.

“Small scale can also benefit from the scheme and we are encouraging them to form consortiums and share the costs,” he said.
Mr Nyambuya said Farmec was working with all farmers unions and organisations to ensure all farmers benefit. Some small-scale sugar cane growers in the Lowveld, he said, had already benefited from the scheme while cotton growers were also buying farming equipment under the scheme.

“We are not restricting the scheme to individual farmers but companies can also come along and buy tractors on behalf of their farmers,” he said.
Besides the tractor scheme, Powermec, a sister company to Farmec is also offering short-term credit scheme for generators.

Minister of State in the Vice President Joice Mujuru’s office, Sylvester Nguni launched the new tractors and generators that can be used in agriculture, mining and heavy industries.
Minister Nguni said Farmec played an important role in agriculture through encouraging mechanisation of the industry.
He commended the initiative taken by Farmec saying this would go a long way to complement government efforts to mechanise agriculture.

“Farmec played an important role in the country since 2000. During the year 2003, Government engaged Farmec in mopping up old equipment in the first mechanisation programme as a means to build capacity in the agricultural sector. “Farmec diligently carried out this RBZ mandate by carrying out technical assessments and repairs in record stipulated times,” he said.
Minister Nguni also applauded the role played by Farmec from 2004 to 2006 where it co-ordinated importation of 1000 various tractor models and implements on behalf of Government.

“In this regard I commend Farmec for this Private Public Partnership co-operation in a bid to build agricultural capacity of this country.”