AGCO Retail Finance Partnership accommodates needs of Zambia farm sector to finance farm machinery

AGCO, Your Agriculture Company (NYSE:AGCO) (www.AGCOcorp.com), a worldwide manufacturer and distributor of agricultural equipment, has established a Retail Finance Partnership to support Zambian farmers in the purchase of farm equipment.

Launched at AgriTech, Zambia’s outdoor agriculture expo, the new partnership between AGCO, its national distributor BHBW Zambia Limited and the Zambia National Commercial Bank Plc (Zanaco) will provide retail financial solutions for farmers purchasing machinery from AGCO’s Massey Ferguson brand.

“Access to credit is a crucial requirement for farmers seeking to acquire the right equipment to expand and advance their businesses,” says Nuradin Osman, AGCO Vice President and General Manager Africa. “This partnership has been set up to address the specific needs of the agricultural industry which is often perceived as too high a risk for financial service providers due to its seasonal nature, irregular income streams and exposure to external factors such as the weather, pests and commodity price fluctuations.”

“AGCO understands the pressure that Zambian farmers are facing – from small-scale farmers through to commercial enterprises and large agri-projects. Together with our partners BHBW Zambia and Zanaco, we have developed a finance solution aimed at the full spectrum of farming operations which offers affordable and low-rate financing in the form of financial lease and loans.”

According to the report, ‘Scaling Up Agricultural Credit in Africa’ submitted to the Brookings Institution’s Ending Rural Hunger Project, the financial sector meets less than 3% of total smallholder demand for financing, estimated at $450 billion. In sub-Saharan Africa, only 95 of 900 banks surveyed provide financing to farmers.

The provision of finance facilities for farmers throughout the sector in Zambia is a further demonstration of AGCO’s holistic approach to advancing African agriculture through the identification of the key challenges and barriers to growth in the industry and the development of innovative solutions to overcome them. As a result of this strategy, another recent major initiative is the AGCO Agribusiness Qualification. Here the company pinpointed the skills shortage in junior management in the agricultural supply chain and established a two-year academic program focused on developing the talent, leadership and strategic expertise to further drive African agricultural prosperity.

“We are delighted to be working with BHBW Zambia and Zanaco on this retail finance initiative,” adds Mr Osman. “They have enormous experience in the farm machinery and agriculture sectors and we look forward to a successful partnership serving Zambian farmers.”

Commenting, Hennie Heyneke, Managing Director, BHBW Zambia said: “Access to retail finance is an important benefit for our customers’ business growth, enabling them to realize their farm machinery purchases, invest in the latest equipment and manage cash flow in line with seasonal demands.”

Established in 2015, BHBW Zambia supplies machinery and equipment to Zambian agriculture and industry, representing AGCO’s leading global brands Massey Ferguson®, and Challenger ®, as well as the brands Hyster and Yamaha. The company offers world-class mechanized solutions backed by superior after-sales support.

Zanaco is a leading provider of financial services in Zambia and strives to ‘bank the unbanked’. Agribusiness, a key focus area at the bank, is a specialized segment serving the agricultural value chain comprising agri-corporates, commercial farmers, Agri SMEs, emergent farmers and small-scale farmers.

Distributed by APO Group on behalf of AGCO Corporation.

CONTACTS:
Shlobi Maluleke
Manager, Marketing and Communications Africa
Tel: +27 11 230 8606
Cell: +27 82 040 7543
Email: Shlobi.Maluleke@agcocorp.com

About AGCO
AGCO (NYSE: AGCO) (www.AGCOcorp.com) is a global leader in the design, manufacture and distribution of agriculture equipment and solutions and supports more productive farming through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® precision technologies and farm optimization services. Founded in 1990, AGCO is headquartered in Duluth, GA, USA. In 2017, AGCO had net sales of $8.3 billion. For more information, visit www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.

Source:: AGCO Retail Finance Partnership accommodates needs of Zambia farm sector to finance farm machinery

      

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AGCO Retail Finance Partnership accommodates needs of Zambia farm sector to finance farm machinery

AGCO, Your Agriculture Company (NYSE:AGCO) (www.AGCOcorp.com), a worldwide manufacturer and distributor of agricultural equipment, has established a Retail Finance Partnership to support Zambian farmers in the purchase of farm equipment.

Launched at AgriTech, Zambia’s outdoor agriculture expo, the new partnership between AGCO, its national distributor BHBW Zambia Limited and the Zambia National Commercial Bank Plc (Zanaco) will provide retail financial solutions for farmers purchasing machinery from AGCO’s Massey Ferguson brand.

“Access to credit is a crucial requirement for farmers seeking to acquire the right equipment to expand and advance their businesses,” says Nuradin Osman, AGCO Vice President and General Manager Africa. “This partnership has been set up to address the specific needs of the agricultural industry which is often perceived as too high a risk for financial service providers due to its seasonal nature, irregular income streams and exposure to external factors such as the weather, pests and commodity price fluctuations.”

“AGCO understands the pressure that Zambian farmers are facing – from small-scale farmers through to commercial enterprises and large agri-projects. Together with our partners BHBW Zambia and Zanaco, we have developed a finance solution aimed at the full spectrum of farming operations which offers affordable and low-rate financing in the form of financial lease and loans.”

According to the report, ‘Scaling Up Agricultural Credit in Africa’ submitted to the Brookings Institution’s Ending Rural Hunger Project, the financial sector meets less than 3% of total smallholder demand for financing, estimated at $450 billion. In sub-Saharan Africa, only 95 of 900 banks surveyed provide financing to farmers.

The provision of finance facilities for farmers throughout the sector in Zambia is a further demonstration of AGCO’s holistic approach to advancing African agriculture through the identification of the key challenges and barriers to growth in the industry and the development of innovative solutions to overcome them. As a result of this strategy, another recent major initiative is the AGCO Agribusiness Qualification. Here the company pinpointed the skills shortage in junior management in the agricultural supply chain and established a two-year academic program focused on developing the talent, leadership and strategic expertise to further drive African agricultural prosperity.

“We are delighted to be working with BHBW Zambia and Zanaco on this retail finance initiative,” adds Mr Osman. “They have enormous experience in the farm machinery and agriculture sectors and we look forward to a successful partnership serving Zambian farmers.”

Commenting, Hennie Heyneke, Managing Director, BHBW Zambia said: “Access to retail finance is an important benefit for our customers’ business growth, enabling them to realize their farm machinery purchases, invest in the latest equipment and manage cash flow in line with seasonal demands.”

Established in 2015, BHBW Zambia supplies machinery and equipment to Zambian agriculture and industry, representing AGCO’s leading global brands Massey Ferguson®, and Challenger ®, as well as the brands Hyster and Yamaha. The company offers world-class mechanized solutions backed by superior after-sales support.

Zanaco is a leading provider of financial services in Zambia and strives to ‘bank the unbanked’. Agribusiness, a key focus area at the bank, is a specialized segment serving the agricultural value chain comprising agri-corporates, commercial farmers, Agri SMEs, emergent farmers and small-scale farmers.

Distributed by APO Group on behalf of AGCO Corporation.

CONTACTS:
Shlobi Maluleke
Manager, Marketing and Communications Africa
Tel: +27 11 230 8606
Cell: +27 82 040 7543
Email: Shlobi.Maluleke@agcocorp.com

About AGCO
AGCO (NYSE: AGCO) (www.AGCOcorp.com) is a global leader in the design, manufacture and distribution of agriculture equipment and solutions and supports more productive farming through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® precision technologies and farm optimization services. Founded in 1990, AGCO is headquartered in Duluth, GA, USA. In 2017, AGCO had net sales of $8.3 billion. For more information, visit www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.

Source:: AGCO Retail Finance Partnership accommodates needs of Zambia farm sector to finance farm machinery

      

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Seychelles: President Faure addresses the Commonwealth Youth Forum

President Danny Faure attended the opening of the Commonwealth Youth Forum at the Queen Elizabeth II Centre in London this morning, and addressed the plenary session.

He spoke on the theme ‘Building a Prosperous Future for All’ and how young people are vital to the Commonwealth’s inclusive and equitable development agenda. Focussing on sustainability and conservation related initiatives in Seychelles, the President provided various examples of successful youth-led and youth-engaging projects in Seychelles.

“Young people – you are the future. As policy-makers and leaders, we have a responsibility to ensure that you are placed at the centre of development. Youth mainstreaming is essential to inclusive development outcomes and Seychelles recognises young people as key participants in our Nation’s progress,” said President Faure.

“The engagement of young people being part of various initiatives and youth-led organisations is proof that young people in Seychelles are committed to the promotion and application of sustainability – not only for Seychelles but also for the world. The Government has an important role to play in contributing to this active citizenship,” continued President Faure.

President Faure is in London for the Commonwealth Heads of Government Meeting (CHOGM) 2018. The week of CHOGM begins with four forum events, including the Commonwealth Youth Forum. It provides an opportunity for the young people of the Commonwealth to come together and bring forward meaningful recommendations to the Heads of Government meeting. The Forum is focussed around CHOGM’s four themes: prosperity, security, sustainability, and fairness.

Distributed by APO Group on behalf of Ministry of Foreign Affairs of the Republic of Seychelles.

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United States Embassy in Addis Ababa to Hold First Annual U.S. Government Exchange Program Alumni Conference

The U.S. Embassy Addis Ababa is organizing the first annual gathering of U.S. government exchange program alumni at the UNECA Conference Center. Approximately 250 alumni of various exchange programs are expected to attend. Ambassador Michael Raynor will deliver opening remarks, followed by a series of events and discussions to build connections and cooperation among our alumni, who represent every region of Ethiopia.

The United States Embassy in Addis Ababa invites the media to cover the opening session.

Date: April 21, 2018
Time: 08:45 am
Venue: UNECA Conference Center

RSVP to Zelalem Befekadu (091 150 9522) or Ali Suleiman (091 150 9510) no later than 4:00pm on Thursday April 19, 2018

Distributed by APO Group on behalf of U.S. Embassy Addis Ababa, Ethiopia.

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