SA firm signs deal with African Century

farmers for the procurement of tractors.
Lack of credit lines has been cited as the major setback in the country’s endeavour to revamp the economy.
AFGRI, which began operating in Zimbabwe on August 1, is a leading South African agricultural business, offering physical and intellectual inputs to farmers, producers and users of agricultural products.

AFGRI country manager David Kelder said any farmer who meets the bank’s requirements would benefit under the tractor scheme.
“ACCG is providing funding for farmers to purchase tractors. Under the deal, farmers pay 20 percent and get the tractor under a two-year lease agreement,” he said.

Kelder said the interest rates vary from one client to another depending on the credit worthiness of the farmer.
“The interest rates rage from 11 to 21 percent per annum,” he said.

African Century is the majority shareholder of NMB Zimbabwe Holdings, which owns NMB Bank. Kelder said farmers had shown a keen interest in the deal.
“To date we have sold 15 tractors under the scheme and by year end we hope more farmers will have benefited,” he said.
Prices of tractors range from US$17 000 to US$113 000. Kelder said AFGRI was also in talks with local farmer unions to tap more farmers. – New Ziana.