POSB has begun selling Belarus tractors to support local farmers in Zimbabwe. The initiative, facilitated by the government, aims to enhance agricultural productivity and mechanisation. Flexible financing options are available, including a 3-year no-collateral repayment plan with a 7.5% interest rate. Interested farmers can apply through POSB service centres or the Bank’s email for further information.
The People’s Own Savings Bank (POSB) in Zimbabwe has announced the availability of Belarus tractors for local farmers. The tractors were procured by the government under an initiative from the Ministry of Lands, Agriculture, Fisheries, Water, and Rural Development, designed to bolster agricultural mechanisation and enhance productivity across the nation. POSB is among the banks tasked with reselling these tractors to support local farmers.
POSB’s Chief Executive Officer, Garainashe Changunda, stated, “We are pleased to inform interested farmers that they can now visit the Bank’s service centres with their application documents to purchase the tractors.” The available models include options of 81 Hp, 107 Hp, 130 Hp, and 155 Hp, catering to varying agricultural needs to improve efficiency and productivity.
To make these tractors accessible, POSB has partnered with the Ministry to offer flexible financing options. Farmers can benefit from a 3-year repayment plan without the need for collateral, coupled with a competitive interest rate of 7.5% per annum. This initiative aims to alleviate financial challenges faced by farmers, in accordance with President Mnangagwa’s vision for agricultural support.
The tractor initiative is available to individuals, registered agribusinesses, farming cooperatives, and irrigation schemes. Interested purchasers must meet set criteria including having a farmer’s account, security of tenure documentation, and a comprehensive project proposal along with a payment plan.
Farmers wishing to acquire the Belarus tractors through POSB may visit any POSB service centre or contact the Bank’s SMEs and Agribusiness unit via email at Smeandagribusiness@posb.co.zw for additional information and application procedures.
In conclusion, POSB’s initiative to sell Belarus tractors to Zimbabwean farmers represents a significant step towards enhancing agricultural mechanisation and productivity. By providing flexible financing options, POSB aims to reduce the financial barriers for many farmers, thus promoting sustainable agricultural practices. This collaboration between POSB and the Ministry of Lands, Agriculture, Fisheries, Water, and Rural Development demonstrates a commitment to supporting the agricultural sector in Zimbabwe, enhancing the livelihoods of local farmers.
Original Source: www.newzimbabwe.com
