POSB Introduces Belarus Tractors to Enhance Zimbabwean Agriculture

POSB Zimbabwe is now selling Belarus tractors to local farmers, aimed at boosting agricultural mechanization. The initiative includes flexible financing options with a 3-year repayment period and low interest rates, making tractors more accessible to farmers. Interested parties must meet specific criteria to apply for the tractors, which are available for both individuals and businesses.

The People’s Own Savings Bank (POSB) in Zimbabwe has announced the availability of Belarus tractors for local farmers, following a government procurement initiative aiming to boost agricultural mechanization. These tractors were obtained through the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development to enhance productivity across the nation. POSB has been designated as one of the authorized banks to facilitate their sale.

Interested farmers can apply at POSB service centers by presenting the necessary application documents to acquire tractors. POSB offers a range of models including 81 Hp, 107 Hp, 130 Hp, and 155 Hp, specifically designed to meet varied agricultural needs. Garainashe Changunda, the CEO of POSB, emphasized the bank’s dedication to enhancing the livelihoods of farmers through improved agricultural practices.

To enhance accessibility, POSB provides flexible financing options including a repayment plan over three years without the need for collateral, as well as a competitive interest rate of 7.5% per annum. This initiative is aligned with the vision of President Dr. Emmerson Dambudzo Mnangagwa to alleviate the financial burdens faced by farmers and support their investment in critical machinery.

The tractors are available for individual farmers, registered agribusinesses, farming cooperatives, and irrigation schemes, provided they meet certain criteria. Applicants must have a farmer’s account, submit a cover letter, provide security of tenure documents, and present a detailed project proposal and payment plan, among other requirements.

For further inquiries, farmers can visit any POSB service centre or contact the Bank’s SMEs and Agribusiness unit via email at [email protected] to apply.

In summary, POSB’s initiative to sell Belarus tractors with accessible financing represents a significant opportunity for Zimbabwean farmers. By offering a diverse range of tractor models and flexible payment options, POSB aims to empower the agricultural sector and enhance productivity. This collaboration with the government underscores a commitment to promoting sustainable practices and supporting local farmers in their endeavors.

Original Source: www.newzimbabwe.com