Equity Group Holdings and farm equipment maker John Deere have signed a comprehensive agreement to offer tractors to the Kenyan market through affordable finance programs for both large-scale and small-scale farmers.
The deal was signed during US Ambassador to Kenya Meg Whitman’s investment roadshow series to the United States by John Deere Head of Business for Africa, Asia, and the Middle East, Jason Brantley, and Equity Group Holdings CEO and Managing Director, Dr. James Mwangi.
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“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 state-of-the-art technology which will equip them with the capability to scale and grow their yields and businesses for larger markets,” said Dr. James Mwangi.
Under the deal’s terms, Equity Bank will provide finance products to customers initially in Kenya for a current term of two years under the agreement.
Equipment dealer MASCOR who has dealerships throughout East Africa will be the partner dealership.
Equity, John Deere, and MASCOR will conduct joint training and marketing campaigns together to enhance farmer education on the usage of the Deere equipment in order to enhance agriculture productivity and to understand the value of mechanization in yield improvements.
For farmers, including emerging and commercial farmers, part-time contractors, full-time contractors, and farmer groups the intention is to support profitability by improving revenues linked to yields, reducing losses, and reducing operational costs related to agriculture production.
Dr. Mwangi stated, “In John Deere, we have a significant partner of like-minded interest to support scaling and mechanization for small-scale farmers in Kenya. This partnership aligns with Equity’s Africa Recovery and Resilience Plan, which seeks to foster a more coordinated, connected, and capacitated primary supply chains to drive higher productivity.”
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He continued, “With American expertise and African ingenuity, hard work, and natural resources, coupled with access to affordable financing and the network of infrastructure (branches, agents) that Equity can offer the partnership, in collaboration with MASCOR dealerships in the region, the milestone of our signing today can pave the way for a cohesive US-AFRICA private sector engagement framework built on trust and mutual interests in the market”.
Courtesy: Equity Group Holdings
Photo Courtesy: Equity Group Holdings
