This archive report was first published on 28 October 2019.
On October 28, 2019, Equity Bank Kenya Limited announced a partnership with AGCO Corporation to provide financing for agribusinesses in Kenya.
The partnership allows farmers to acquire Massey Ferguson tractors and accompanying implements through financing of up to 80% of the total cost, payable within 48 months.
Additionally, the bank will offer a comprehensive insurance cover at an annual premium of 2% of the tractor's value to customers who qualify for the financing, through Equity Insurance Agency.
Speaking at the launch ceremony, Fergus Robley, General Manager of FMD East Africa, said, "This partnership will provide the missing link from wishing to own and enable the farmers to actualize their plans on making farming profitable."
Equity Bank has previously partnered with European Investment Bank to provide loans to Kenyan agricultural companies with maturities of up to seven years, worth KShs5.7 billion.
AGCO Corporation is an American agricultural equipment manufacturer, headquartered in Duluth, Georgia, and owner of the Massey Ferguson brand.
Equity Bank Kenya Limited is a commercial bank licensed by the Central Bank of Kenya, with its headquarters in Nairobi, Kenya.
