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Equity, John Deere sign farm kits financing agreement


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John Deere 8R fully autonomous tractor. FILE PHOTO | AFP

Equity Bank has signed a two-year deal with farm equipment multinational John Deere to support Kenyan farmers access financing options to acquire tractors through affordable programmes.

The agreement was signed during the second edition of US Ambassador to Kenya, Meg Whitman’s roadshow series in Chicago.

Read: US John Deere in leasing plan for farmers’ groups

Large-scale and smallholder farmers will benefit from this partnership where John Deere will provide machinery while the listed lender will offer financing options.

“Through this collaboration between Equity Group and John Deere, a world-renowned agriculture, turf and construction equipment maker, small-scale farmers, builders and landscape providers in Kenya will benefit from technology which will equip them with the capability to scale and grow their yields and businesses for larger markets,” said James Mwangi, Equity’s chief executive in a statement.

“Kenyan farmers have the opportunity with the implementation of the Africa Free Continental Trade Area Agreement to increase production for global supply chains which were disrupted by the Covid-19 pandemic and the Russia-Ukraine conflict,” he added.

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Also read: Equity Bank now digs in for TransCentury receivership

The deal seeks to support profitability by boosting revenues linked to yields and reducing operational costs.

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