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Commercial banks have responsibility to nurture agriculture sector – Melu

Commercial banks have responsibility to nurture agriculture sector – Melu
Written by Florence Bupe
Wednesday, August 05, 2009 3:01:10 PM

STANDARD Chartered Bank managing director Mizinga Melu has said commercial banks have the responsibility to nurture Zambia's agriculture sector as a tool for economic growth.

Speaking at the just-ended Agricultural and Commercial Show, Melu said banks should help fund the agriculture sector in order to foster economic growth through enhancing sector operations.

“Agriculture is vital for this country's economic growth, and it is up to the banks to nurture this sector through increased funding and offering the right loan tenure. We believe that agribusiness is crucial for the sustainable economic development of both Zambia and Africa,” she said.

Melu disclosed that Standard Chartered Bank had established a commodity traders and agriculture team aimed at increasing the bank's understanding of agriculture issues.

She observed that economic diversification in Africa as a whole, and Zambia in particular, was vital and that agriculture should be the centre of diversification efforts.

“Economic diversification in Africa remains vital and agriculture must become a central pillar of this economic strategy,” she said.

She disclosed that Standard Chartered Bank, in partnership with the German Development Finance Institution, had provided financial support totalling 100 million Euros to the agriculture sector in sub- Saharan Africa over the last three years.

Melu pledged continued support to the agriculture sector through funding and equipment provision.

Labels: AGRICULTURE, INTEREST RATES, LENDING RATES, MIZINGA MELU, STANCHART

posted by MrK @ 1:51 PM