THE Kilimanjaro Cooperative Bank Limited (KCBL) has set aside 6.5bn/- for agricultural loans in this year’s coffee season.
The loans for 2023/2024 coffee season will be channelled to farmers through their respective agricultural marketing cooperative societies (AMCOS).
The KCBL Business Relations Manager Mr Baraka Ondiek said out of the set aside fund 4.0bn/- will go direct for farming activities while the remaining will be loaned for agri-inputs.
“The agri-inputs will help curb the burden of paying for inputs which the farmers are facing”, Mr Ondiek said when briefing coffee stakeholders during a meeting which was held in Moshi, recently.
Apart from issuing the loans this season, he said the bank joined other stakeholders in supporting coffee production processes, especially in Kilimanjaro.
“KCBL is also supporting coffee farmers to transport coffee seedlings after purchasing to their farms,” he said.
Additionally, during the meeting, the CRDB Bank’s Moshi Branch Manager, Ms Pamela Mushi, said in her presentation that they have reduced the agri-loans interest to 9.0 per cent while for traders is 15 per cent.
“The period of repaying the loans is between one month and 18 months,” she said.
