Africa-Press – Malawi. Malawi Stock Exchange- listed Standard Bank last week relaunched its agriculture financing facility through which it seeks to empower commercial farmers and enhance the agriculture sector’s input to the national economy.
Through the window, the bank is targeting over 10,000 small-scale farmer-groups and large commercial farmers to give them a competitive edge in the agricultural production chain. It is offering loan facilities valued at K5 million and above at a 15 percent interest.
Addressing journalists after re-launch of the initiative in Blantyre, Standard Bank plc Head of Business and Commercial Clients Graham Chipande said the financial institution is committed to contributing towards growth of the agriculture sector and its share to the economy.
He said the facility targets a broader base of beneficiaries in the sector with potential of contributing towards growth of the economy. “Malawi’s economy is predominantly agro-based, and the agriculture sector feeds into many other sectors. For this reason, we felt we owe it to farmers and ensure that the levels of resources we put into the sector is at the same level which would benefit the economy.
“We are working with people in the sector to leverage on the expertise that they have in developing policies and providing a conducive environment to make sure that our efforts in providing modern financing solutions in the agriculture sector can go further,” he said.
One of the players in the agriculture value chain, Applecore Grain and Milling, hailed the bank for the facility which brings a significant change in the agriculture sector financing model.
Applecore Grain and Milling General Manager Fredrick Changaya said the facility offers a timely opportunity to players in the agriculture sector as it unlocks potential of players in the sector.
“This means a lot for us that are in the agriculture business. Standard Bank is coming with end-to-end solutions to the industry which is commendable.
“They are providing Malawians with real and genuine solutions. Supporting all players through the supply chain is essential,” Changaya said. Agriculture remains Malawi economy’s mainstay, contributing about 30 percent to the national gross domestic product.
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