NDB and Hayleys Agriculture in partnership to empower local farmers

Monday, 26 August 2013 00:10 - - {{hitsCtrl.values.hits}}

NDB recently entered into a partnership with Hayleys Agriculture to provide leasing facilities to farmers enabling them to purchase agricultural machinery at affordable prices. Accordingly, NDB will provide leasing facilities allowing the purchase of a wide range of machinery including combine harvesters, four-wheel and two-wheel tractors, paddy transplanters , combine threshers and milking machines sold by Hayleys under international brand names such as Kubota, Farmtrac as well as Hayleys Agriculture’s own brand Agrotech; which will be offered to farmers at special reduced prices. Through the agreement, farmers will have access to NDB leasing facilities at concessionary interest rates and flexible repayment terms while enjoying as much as Rs. 50,000 worth of discounts on the machinery.

Hayleys will also provide up to two years’ of warranty periods for selected machinery. Agriculture remains a cornerstone in Sri Lanka’s economy with more than 70% of the population living in rural areas depending on the industry for their livelihoods. Fuelled by the post-war economic rejuvenation and the continued administrative support, the sector contributed up to 11.1% to the country’s GDP last year. It is apparent that the agriculture sector will continue to play an important role in the socio-economic development of the country in the ensuing development era. Growth in the industry especially in the domestic food production and export crop sectors will therefore be essential in ensuring food security, alleviating poverty, achieving self-reliance and overall economic development of the country. Hence supporting the industry is a task of national importance for which the deliberate private sector contribution will be necessary and timely. Commenting on the partnership, NDB Chief Operating Officer Indrajit Wirckramasighe said “We are indeed glad to partner Hayleys in this initiative which we believe will have a positive impact on the local farming community. As a bank committed towards national development, NDB assumes the responsibility to contribute to the country’s development process and we continuously seek avenues to enhance and uplift local industry. Hence, this partnership is a yet another progressive step which reiterates our commitment towards empowering local entrepreneurs at the bottom of the pyramid.”Elaborating on the benefits of this partnership, the Head of the Agri Machinery Division of Hayleys Agriculture Amjad Rajap said: “We have been involved in the mechanisation of farming activities for a long time and have found that using the right machinery could increase the quality of the harvest and reduce its cost of production. This agreement with NDB Bank would provide the farming community the opportunity to purchase world renowned brands such as Kubota, Farmtrac etc. at an affordable down payment and interest. Working closely with the NDB Bank, we look forward to taking the benefits of this scheme to the local farming community.”