Govt,banks confer on reducing lending rates to farmers

Patricia Banda
ZNBC News

Government has started negotiations with banks to lower interest rates for farmers to access loans through a credit window at 12 percent.

Agriculture Minister, REUBEN MTOLO says government is offering five products to farmers through the credit window in this year.

Mr MTOLO says these are fertilizer and seeds, irrigation equipment, aqua culture and farm power funds and livestock.

He disclosed to ZNBC News that so far the banks that have come on board include ABSA, ZANACO, NATSAVE, ATLAS MARA and INDO BANK.

He stressed that the move is to help increase production of maize and other farming products in view of the drought that has hit the country.

Mr MTOLO said Government hopes that with time, more banks will come on board to help facilitate things quickly.

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