2bn fund for agric #katsina

The Bank of Agriculture and Katsina State
Government have jointly proposed to establish a
two billion naira matching fund for agriculture.
Under the collaboration, the bank and the state
government are to provide one billion naira each
for lending for farmers and agricultural
businesses.
Alhaji Mohammed Santuraki, the Managing
Director of the bank, said this when he paid a
courtesy call on Gov. Ibrahim Shema at
Government House, Katsina, on Monday.
He said the state government’s giant stride in
agriculture was what informed the bank to
collaborate with it so as to create funding for the
benefit of farmers in the state.
We use the fund to target small and medium
agricultural businesses with only nine per cent
interest rate,” he said.
The managing director commended the state
government for its achievements in agriculture,
especially its intervention in the Jibia dam
irrigation project, which had yielded positive
results.
Santuraki also commended the state government
for accepting to collaborate with the bank toward
promoting agricultural activities in the state.
Responding, Gov. Shema, who highlighted the
state government’s progress in agriculture,
expressed appreciation for the establishment of
the fund.
The state government will offer its one billion
naira matching fund.
On the interest rate, we will work out in details
because the loans we are giving out to farmers
are interest-free,” he said.
The governor appealed to the bank to assist the
state to build and encourage cooperative groups
who would be the target for the project.