Maravi

(NEWZIMBABWE) Standard Chartered to loan farmers US$20m

Standard Chartered to loan farmers US$20m
by
01/10/2009 00:00:00

THE United States Agency for International Development (USAID) and the Standard Chartered Bank of Zimbabwe on Wednesday signed an agreement that will enable the bank to expand its lending to farmers by US$20 million over five years.

The programme, made possible under USAID’s Development Credit Authority, is targeted at the agricultural sector and will allow Stanchart to increase the number of loans directly to farmers and enterprises that can provide inputs and technical assistance to small holder farmers to increase productivity.

Donald Petterson, a senior diplomat at the U.S. Embassy, witnessed the signing ceremony. He hailed the cooperation between USAID and the private sector to support the recovery of Zimbabwe’s agricultural sector.

“The credit authority is being established as one of several assistance programmes, above and beyond U.S. humanitarian aid to Zimbabwe, which have come about because of President Obama’s commitment to provide agricultural and other assistance to the people of Zimbabwe,” said Petterson.

“The assistance demonstrates the will of the American people to assist Zimbabwe to restore its once vibrant agricultural sector,” he added.

Stanchart Head of Origination & Client Coverage Samuel Nhakaniso signed on behalf of Stanchart while USAID was represented by Mission Director Karen Freeman. The ceremony was also attended by senior U.S. Embassy officials and representatives of Stanchart.

USAID Director Freeman also announced that her organisation, through the Office of Foreign Disaster Assistance, will provide approximately 13,000 vulnerable households with seeds and fertiliser for the coming agricultural season through $1.7 million in funding to the Food and Agriculture Organisation and NGOs.

USAID’s Development Credit Authority Programme is already operational in over 23 countries worldwide, assisting thousands of enterprises to access the financing they need to grow their businesses.

Labels: STANCHART, USAID, WHITE FARMERS

posted by MrK @ 4:46 PM