Zambian President Expands Agricultural Loan Scheme to Boost Mechanization and Productivity
President Hakainde Hichilema of Zambia has unveiled a strategic initiative to enhance agricultural production and productivity by expanding the scope of the Public Service Agricultural Asset Plus Loan Scheme.
The revised scheme will now cover the financing of all agricultural equipment throughout different stages of the value chain.
This move is poised to provide a substantial uplift to the nation’s farming community, offering comprehensive financial support for agricultural endeavors.
Under the enhanced scheme, public service workers in all categories can access funding for agricultural equipment at a competitive 9% interest rate per year.
The loan offers a maximum repayment period of 7 years, providing a flexible and supportive financial framework for those engaged in the agricultural sector.
President Hichilema emphasized that the government’s commitment to mechanization is a top priority in the agricultural agenda.
Recognizing the pivotal role that mechanization plays in driving up productivity, the President believes that this initiative will not only enhance individual farmers’ capabilities but also contribute to household and national food security.
The expanded loan scheme aligns with the government’s broader strategy to modernize the agricultural sector and create a conducive environment for increased production.
The President expressed optimism that this move would empower farmers across the country, enabling them to adopt advanced farming practices and technologies at every stage of the agricultural value chain.
