Banks commit to support agric credit window project

By NATION REPORTER

BANKS have committed to support the agriculture credit window which Government is ambitiously working to implement to increase maize production.

Speaking during a meeting at State House yesterday, Bankers Association of Zambia president Mzinga Melu said all the banks have accepted to support the project as it is beneficial to the banking sector as well as the nation.

She said the banking sector attaches importance to the agriculture sector, this is the reason it wants to ensure that the project succeed.

Ms Melu said banks have been supporting the agriculture sector through the farming blocs and this has helped in improving the sector.

Ms Melu said the sector’s support to agriculture currently stands at K6.3 billion compared to K5.5 billion in 2022 and K4.1 billion in 2021.

Earlier, President Hakainde Hichilema said the government want to ensure that the country’s yield increase to 10 million metric tonnes of maize.

He said the current 3.5 million metric tonnes is too little because Government want more to be exported so that more revenue can be realised.

Mr Hichilema said Government wants the banking sector to take up the responsibility of financing the agriculture credit window as it will be the main vehicle to increase maize production.

Mr Hichilema said when the country produces more it will have enough food security and thereby export to neighbouring countries like Democratic Republic of Congo, Tanzania, Malawi and Kenya as they have been identified as new markets.