NMB Bank Limited says it will raise up to $2 billion through a private placement of a 12 month Agro Bill for onward lending to farmers for the 2021/22 agriculture season.
The government is aiming to achieve a US$48,2 billion agriculture economy by 2025 riding on the Agriculture and Food Systems Transformation Strategy, which seeks to achieve the targeted growth by 2025.
NMB in a circular says the $2 billion Agro Bill will support new and existing commercial farmers on its loan book for the current season.
NMB Bank will act as the placement agent regarding the Transaction and will distribute this Information Memorandum to a limited number of recipients for the sole purpose of assisting those recipients in deciding whether they wish to proceed to purchase the Bills.