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Uganda MPs call for the establishment of an Agricultural bank

Uganda Members of Parliament have called for the establishment of bank specifically meant to pay attention the needs of the Uganda farmers.

Uganda government recently scaled up its efforts to allocate funds for credit to farmers from 30 billion shillings to over 90 billion shillings according to the 2010/11 Uganda National Budget. The credit would enable farmer’s access loans at lower interest rates.

Henry Banyenzaki

Henry Banyenzaki

The Rubanda West MP, Henry Banyezaki told Ultimate Media that the farmer’s credit facility will enable small rural farmer’s easily access money to fund their projects because credit from commercial banks is hard to get since it focuses on big projects.

Uganda has a number of micro finance banks which give credit facilities to rural farmers but small farmers still feel isolated from accessing the services of the microfinance banks because of high interest rates and demand for collateral security.

Zacharia Tiberindwa, Ultimate Media

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