ESWATINIBANK INVEST IN SCARCE AGRIC-MARKETS

MHLUME – EswatiniBank Agri-Business Unit is working on expanding Eswatini’s footprint in the Agricultural sector.

This was mentioned by Eswatini Bank Managing Director (MD) Undlunkulu Nozizwe Mulela uLaMakhubu yesterday, during the Agri-Business Forum at Mhlume Country Club. The MD said this upcoming initiative involves partnering directly with farmers in the country to tap into scarcely explored markets in crop production. She said they had other initiatives in the pipeline that included enlarging their footprint across the country by opening a new branch at Buhleni and offering services that would meet worldwide standards. “Through these expansions, we want to make our services available to all farmers, especially to those living in the outskirts of town,” she said.

Solutions

The MD added that food security was an issue that most were vaguely aware of, and they believed that as EswatiniBank they should play their role in proactively seeking practical solutions of reducing the impending scarcity. Mulela said the bank wishes to partner with institutions such as the Royal Eswatini Sugar Corporation (Rescorp) and other industry related stakeholders to explore efficient ways to help clients through financial investment and innovative advisory.

Economic

She said a close working relationship between farmers and agricultural lenders was essential to the economic growth of agricultural borrowers and the continued success of agriculture within the country. “Agriculture remains the mainstay in Eswatini despite the challenges faced, as such, it is important to continue to tailor effective supervision and regulation to ensure the safety and soundness of agricultural financiers, while also making sure that undue burden does not constrain the capacity of these institutions to continue supporting the agricultural communities they serve,” she said.
She further mentioned that working with the University Of Eswatini (UNESWA), the Faculty of Agriculture had aptly identified a small team of multi-sectorial experts, led by Professor Ambrose Manyatsi who will be thinking through on how the bank is going to assist the agricultural sector in dealing with climate change and adaptability. She said the team would assess what farmers were going through, how it was affecting their bottom line and how they can improve it. “This is one way the bank endeavours to take a leading role in innovation and in enacting proposed solutions and their implementation,” she added.

Spend

Rescorp MD Nick Jackson said they spent about E2 billion a year on capital products, which a majority was for agricultural products.
He said a majority of these products were outsourced from neighbouring countries and abroad as they tend to be scarce locally.
“We spend about E2 billion in purchase capital products and E1.6 billion is spent locally while the rest is spent outside the country,” he said.
He emphasised that where ever possible, hey always considered buying locally before contacting suppliers from abroad.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: