The People's Own Savings Bank (POSB) Zimbabwe has announced that government-procured Belarus tractors are now available for purchase by local farmers through the Bank.
The tractors were secured by the government through the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development from Belarus for local farmers across the country under an initiative to enhance agricultural mechanisation and productivity in Zimbabwe. POSB is one of the banks selected by the government to resell the tractors to local farmers.
"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. As part of our commitment to transforming livelihoods and fostering sustainable agricultural practices, POSB Zimbabwe is pleased to offer a range of tractors from Belarus, including 81 Hp, 107 Hp, 130 Hp, and 155 Hp models. These tractors are designed to meet the diverse needs of farmers, ensuring they have the right tools to enhance their productivity and efficiency," said Garainashe Changunda, POSB Chief Executive Officer.
To make this initiative accessible to as many farmers as possible, POSB Zimbabwe, in partnership with the Ministry, is offering flexible financing options, including a 3-year repayment period with no collateral needed and an attractive interest rate of 7.5% per annum. This initiative is aimed at reducing the financial burden on farmers and enabling them to invest in essential machinery without undue stress in line with the vision of the President, Dr Emmerson Dambudzo Mnangagwa.
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"This project aligns with our commitment to supporting the agricultural sector and empowering local farmers with the tools they need to succeed. By 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. 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."
The tractors are available to individual farmers, registered agribusinesses, farming cooperatives, and irrigation schemes. Interested parties are required to meet specific criteria, including having a farmer's account, providing a cover letter, security of tenure documents, and a detailed project proposal and payment plan, among other requirements.
Farmers interested in purchasing the tractors through POSB can visit any POSB service centre or email the Bank's SMEs and Agribusiness unit at Smeandagribusiness@posb.co.zw for more information and to apply for the tractor.
