Online Reporter
Business Reporter
THE People’s Own Savings Bank (POSB) has partnered with the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development to resale tractors under the Belarus facility.
POSB will provide farmers with affordable and flexible financing options tailored to their needs.
The Government bought the tractors from Belarus to resale to farmers across the country to mechanise agriculture and boost farm productivity.
Zimbabwe has 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.
POSB is one of the banks selected by the Government to resell the tractors to farmers.
Others include AFC Land Bank, CBZ, Women’s Bank and EmpowerBank.
To make the tractors easily accessible to productive farmers, POSB Zimbabwe, partnered with the Ministry of Lands, Agriculture, Fisheries and Rural Development in terms of which the bank will offer flexible financing options.
The flexible financing terms include a 3-year repayment period with no collateral and an interest rate of 7,5 percent per annum.
Interested farmers 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.
The tractors available to farmers under the Belarus facility include 81, 107, 130 and 155 horsepower (HP) models.
POSB said 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.
The tractors are available to individual farmers, registered agribusinesses and members of farming cooperatives and irrigation schemes.
In a statement, POSB chief executive officer Mr Garainashe Changunda said these tractors were designed to meet the diverse needs of farmers, ensuring they had the right tools to enhance 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.
“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 Mr Changunda.
He emphasised 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 full potential.
