Centenary Bank, under its CenteThoughts program has advised farmers to be keen on the seasons within which they need to finance their agribusinesses.
In an interview, Evans Nakhokho, the Chief Manager Agribusiness at Centenary Bank, said agriculture can accelerate the development of the country in terms of boosting personal incomes, creating job opportunities, expanding international trade openings, and an improved standard of living for the population.
“The COVID-19 effects on the Agricultural sector of Uganda have been evident and this has affected very many families and business owners. Considering that many people resorted to practicing small scale farming due to the halt on most of their jobs, there is need to utilise the available resources efficiently,” Nakhokho said.
According to Pushina Ng’andwe, a World Bank Senior Agriculture Economist, farmers and producers need greater access to appropriate financial incentives and instruments to overcome the cost barrier adoption of sustainable land management and climate smart agriculture.”
Nakhokho said despite the challenges faced with the increase in price of agricultural produce, financial institutions are open and willing to offer finances in terms of loans and also equip the farmers with knowledge through trainings and workshops.
“I want to encourage farmers to take up the various agricultural loans available in the different categories. We have the production, revolving production, marketing, farm asset/ equipment and savings linked loans available for the eligible farmers. In case the agribusiness is severely affected by natural disasters, or any conditions out of the applicant’s control, the bank offers an extension on the loan repayment period,” he said.