Cargills Bank ties up with Sanasa Insurance to strengthen maize farmers

Wednesday, 7 March 2018 00:00 - - {{hitsCtrl.values.hits}}

In line with Cargills Bank’s predominant business focus in supporting the people in rural Sri Lanka, another key initiative was taken recently by introducing a special loan scheme to uplift and strengthen the maize farmers of Sri Lanka.

The initiative is carried out in partnership with Sanasa Insurance under the guidance of National Agri Development Program (NADEP), Central Bank of Sri Lanka, where farmers will be granted special loans at a concessionary interest rate of 6.50% per annum. A MOU was signed recently between Cargills Bank and Sanasa Insurance.

At the initial stage, a total of 3,000 farmers in Monaragala and Anuradhapura regions were provided with low cost funding for seeds, fertiliser and other agri-related assets and the aim is to support more farmers within the next five years.

Sanasa Insurance will ensure payment protection in the event of damage to crops from adverse weather conditions, CIC Agri will provide raw material inputs and assure buy back of farmer produce at a predetermined price.

Cargills Bank Senior Manager SME/Agri and Micro Finance Dushmantha Jayasinghe said: “Over the years we have witnessed the difficulties faced by the maize farmers such as lack of financing and adverse weather severely affecting their farming activities. This initiative will enable us to be innovative in our approach to our valued customers.”

Cargills Bank and Sanasa Insurance entered to a MOU recently and the agreement was signed by Cargills Bank COO Rohan Muttiah and Sanasa Insurance CEO Indika Kiriwandeniya. Cargills Bank Senior Manager SME/Agri and Micro Finance Dushmantha Jayasinghe and Sanasa Insurance General Manager (Acting) Kapila Rajapaksha were present to witness the event.

Kiriwandeniya said: “We are delighted to have partnered with Cargills Bank in offering insurance protection to support the farmer community. Our strategic intent is to uplift and empower the people at grass root level and we believe this initiative would certainly strengthen and nurture our agriculture industry. Cargills is a brand that has been faithfully serving Sri Lankans for 174 years, built on a foundation of values and ethics. True to this heritage and the ethos of ‘Banking on the Human Spirit’, Cargills Bank is taking banking to the masses by being inclusive and accessible. The amazing Cargills Cash Savings Account is available at over 330 Cargills Food City outlets – allowing you to do grocery shopping and banking at the same place at your convenience. The Cargills Bank Debit Card with special offers is now a ‘must have’ for discerning customers.

Cargills Bank’s Head Office is in Colpetty with branches at Maitland Crescent, Maharagama, Old Moor Street, Wattala, Kandy, Peradeniya, Nuwara Eliya, Ratnapura, Thanamalwila, Matara, Galle, Kurunegala, Kaduruwela, Vavuniya, Chunnakam, and Jaffna.