Demerara Bank yesterday launched a special Farmers Credit Line at its Mahaica office that could see disbursements in the range of $1M to $1.5M with an interest rate of 7.5 percent. During the launch, President, Dr Irfaan Ali said that the initiative by the financial institution is an important part of national development that will aid farmers in increasing their productivity.
The Head of State called the initiative innovative and congratulated the bank and farmers who “worked tremendously hard in making this new direction and policy realised”.
The President also told the gathering that Demerara Bank has demonstrated leadership and has simplified the process of accessing capital.
He said, “You have not only simplified the process, but you have removed the charges, you have removed the fees; you have removed the need to bring 10 years of financial statements. The second issue is mitigating risk. How do we ensure that we mitigate risk? And you’re doing that by not only lending the farmers but working with them in the management process, holding their hands and supporting them through the management process, another big factor in what you’re launching.”
At the launch, the President also encouraged the financial institution to reduce their interest rate by 1%, and CEO Pravinchandra Dave immediately agreed.
In closing, the President urged the recipients not to misplace the trust and confidence placed in them by the financial institution.
To date, Demerara Bank has received 193 applications to the tune of $200m.
