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Agribank Offers Farmers Loans Based On Collateral And 99-year Leases

6 years agoMon, 02 Apr 2018 06:38:09 GMT
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Agribank Offers Farmers Loans Based On Collateral And 99-year Leases

Agribank is offering farmers loans on the basis of collateral and 99-year leases. The bank has set aside a minimum of $105 million for the 2018/2019 cropping season and becomes the first bank to offer loans to farmers with 99-year leases.

Reserve Bank of Zimbabwe Governor Dr John Mangudya announced in February that bankers have agreed to accept 99-year leases as collateral after Government made them transferable and bankable. Previously, banks were rejecting leases claiming they were not transferable in the event that a farmer borrowed money and failed to repay.

Agribank chief executive officer Mr Sam Malaba said the bank was restructuring itself in order to better serve and increase lending into agriculture.

More: Chronicle

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