POSB Zimbabwe has begun selling Belarus tractors to local farmers with flexible financing options. These tractors were procured by the government to enhance agricultural mechanisation. POSB offers several models and aims to make purchasing accessible, with a three-year repayment plan and a competitive interest rate. Farmers can apply through POSB service centres or contact the Bank’s SMEs unit for more information.
The People’s Own Savings Bank (POSB) of Zimbabwe has introduced a new initiative that allows local farmers to purchase Belarus tractors. These tractors, acquired by the government via the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development, aim to enhance agricultural mechanisation and overall productivity in Zimbabwe. POSB has been appointed by the government to facilitate the sale of these tractors to farmers nationwide.
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.” POSB offers several models of Belarus tractors, including 81 Hp, 107 Hp, 130 Hp, and 155 Hp, effectively catering to the diverse requirements of farmers.
To ensure accessibility for numerous farmers, POSB has partnered with the Ministry to offer flexible financing options. This includes a repayment plan of three years without the need for collateral and a competitive interest rate of 7.5% per annum. This initiative is designed to lessen the financial strain on farmers, allowing them to invest in essential machinery aligned with President Dr. Emmerson Dambudzo Mnangagwa’s vision.
Changunda emphasized the importance of this project by stating, “This project aligns with our commitment to supporting the agricultural sector and empowering local farmers with the tools they need to succeed.” By promoting flexible financing solutions, POSB aims to make these valuable tractors accessible to as many farmers as possible, thereby fostering the advancement and sustainability of agriculture in Zimbabwe.
Tractors are available to individual farmers, agribusinesses, farming cooperatives, and irrigation schemes, provided they meet specific criteria. Interested farmers must have a farmer’s account and submit necessary documentation, including a cover letter, security of tenure documents, a detailed project proposal, and a payment plan.
Farmers wishing to obtain further information or to apply for the 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.
The introduction of Belarus tractors by POSB signifies a pivotal advancement for Zimbabwean agriculture. Through flexible financing options, this initiative not only supports local farmers in acquiring necessary machinery but also aligns with the broader governmental vision for agricultural development. The accessibility of these tractors is expected to empower farmers, increasing productivity and ultimately contributing to a more sustainable agricultural sector in Zimbabwe.
Original Source: www.newzimbabwe.com
