President Yoweri Museveni handing over New Holland tractors at Namalere Agricultural Mechanisation Farm in Wakiso district recently. Courtesy photo By Kampala Post Reporter
Cooper Motors Corporation (CMC) Uganda has signed a partnership agreement with dfcu Bank that will see their customers access financing for the New Holland tractors.
Speaking to farmers during the annual Jinja Farmers Assembly at the Source of the Nile Agricultural showground, CMC Country Manager, Herman Mbalasi revealed that the partnership will facilitate farmers to have quick turnaround time on loan applications as well as the comfort of having quality equipment on their farms thereby enhancing agricultural mechanization and productivity.
“The partnership will enable farmers to actualize their plans of owning a tractor with just an initial deposit of 20% on the total cost of the tractor, with the repayment period being 60 months. The partnership is not only for individual farmers but also farmer groups as long as they meet the requisite loan requirements,” Mbalasi said.
Amos Alivule the Agricultural Loans Officer, dfcu Bank Jinja branch noted that the partnership will enable farmers access finance in a convenient and timely manner.“Farmers will have a maximum tenure of 60 months to clear the loan and this will be either quarterly or bi-annual depending on the client’s cash flow cycle,” he said.
The partnership comes at a backdrop of calls by President Yoweri Museveni to increase agricultural mechanization.
Recently, government through the National Agricultural Advisory Services (NAADS) procured more than 100 New Holland tractors for farmer groups and cooperative unions across the country.
Agriculture Minister, Vincent Bamulangaki Ssempijja said the tractors were purchased to cement efforts aimed at mechanizing agriculture and improving farm productivity. ICT minister Frank Tumwebaze inspects some of the locally manufactured phones by SIMI Mobile.