PASSING Leasing Company has set a strategic plan targeting to roll out 32bn/- worth agricultural machinery loans to at least 760 farmers in the country by 2025.
The move is aimed to ensure improved production and productivity in the country’s agricultural sector.
Since inception in earlier 2020, the company has managed to roll out modern agro machines to at least 300 smallholder farmers within the country, worth at least 16bn/-.
During an interview with the ‘Daily News’, the company’s Executive Director, Killo Lussewa, said that the prime target behind establishment of the company was to serve agriculture producers to reach their productive potential through offering competitively priced lease financing without imposing collateral requirements on customers.
“The needed improved production and productivity in the agriculture sector is highly banked on the use of high- tech technologies, the machinery that most of the smallholder farmers in Tanzania cannot afford, and thus we have decided to chip in and assist them with friendly and patriotic loans to help them reaching their full production capabilities” he observed.
In the same vein, he noted, earlier this month, the company managed to roll out a loan of 15 modern tractors, worth at least 500m/- to farmers in Kongwa district of Dodoma region.
He detailed, the sixth phase government has decided to initiate the company in order to help speed up development of the vital sector in which the national economy hinges.
Together with that, Lussewa challenged the farmers to make a sober use of the friendly loaning scheme so that they may stand a better side to adopt the use of modern machines.
The company –PASS Lease was established by the government in early 2020, subsidiary entity of PASS Trust, with a view to further promote the financing and growth of the agriculture sector, and the company has been granted a license by the Bank of Tanzania (BOT) to operate across the country.
The company aims to demonstrate that there is a huge market potential in asset-based financing in order to encourage further investment in agriculture by other leasing and financial service providers in the market .
