The Agricultural Industrial and Development Bank announced a reduction in interest rates for loans in various sectors.
Manager of the Credit Operations Department at the AID Bank, Mathilda Jno.Rose indicated that farmers who intend to prepare for the Abattoir project will benefit from the bank’s reduction in interest rates.
She says, “With the introduction of the Abattoir Project, the opportunity arises to enhance our current farm holdings, provide technical assistance and to increase our poultry and pork production as a form of import substitution so we now have to create more production locally. The AID Bank is currently working in collaboration with the Ministry of Agriculture to assist in this regard. Currently, we have reduced our interest rates in this sector from 10% to a range of between 6-8.5%. The farmers associated with the abattoir project, we afford them the concessionary interest rate of 6%.”
The Bank has also reduced its rates for students intending to pursue studies locally, regionally or internationally from nine to eight percent.
“We work also with the Ministry of Education. The field of study has to be on the priority list so anybody desirous of study, locally, regionally or extra-regionally, and the Government has approved your field of study, we provide interest rates at 8%.”
Clients with new and existing viable projects in the services sector will benefit from a reduction in interest rates from ten to seven percent.
‘We realize that production, employment, foreign exchange creations are the engines of growth and AID Bank continues to play a pivotal role in this area. We realize also, with regards to the inception of a business you require working capital facility so we have reduced the working capital interest rate from 12% to 9.5%.”