ComBank partners AgStar to help farmers adopt smart agriculture practices

Tuesday, 26 November 2024 02:20 - - {{hitsCtrl.values.hits}}

Commercial Bank Chief Operating Officer S. Prabagar (left) and AgStar Executive Deputy Chairman Indika Gunawardhana exchange the agreement in the presence of senior representatives of the two companies

The Commercial Bank of Ceylon has announced a partnership with AgStar PLC to promote smart agriculture machinery and equipment via the bank’s Diribala Green Development Loan Scheme.

A Memorandum of Understanding signed by the two companies, paves the way for farmers who obtain loans from the bank to purchase inter-cultivators and irrigation systems from AgStar to receive exclusive discounts and other benefits.

The bank said AgStar would offer a 5% discount to the bank’s customers, as well as free advisory services for potential buyers and free installation under this agreement. Smart agriculture equipment can help farmers adapt to climate variability by providing tools for precision watering, soil management, and pest control. These practices make farms more resilient to drought, extreme weather and other climate impacts, protecting farmers’ investments and yields.

Beyond just lending money, this partnership extends to training, after-sales support, and maintenance of the equipment ensuring that farmers know how to effectively use and maintain the technology, which maximises productivity and extends the equipment’s lifespan, the bank said.

Commercial Bank’s Diribala Green Development Loan Scheme aims to encourage sustainable agricultural practices. It supports the purchase of smart, eco-friendly machinery, that helps farmers adopt practices that are less harmful to the environment, such as precision agriculture which uses resources more efficiently and reduces waste.

The bank has also launched several other initiatives to drive the adoption of modern and smart agriculture practices in Sri Lanka to improve productivity, address manpower shortages, reduce costs, and promote sustainability and food security.

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