MPs at the National Legislative Assembly approved the establishment of an Agricultural Bank to help farmers to access loans and other services at low interest rates.
The head of Committee of Economy, Finance and Development at the Assembly Paul Logale Jumi told CRN that the South Sudan Agricultural Bank Act 2012 was very important.He explained that the Agricultural Bank was the only institution that could cater for the needs of small farmers in rural areas.
The official added that he was happy that the MPs enacted the bill into law.
Prof Logale explained that the government will contribute with 60 percent of the capital for the Agricultural Bank and the private sector will provide the remaining 40 percent.
Prof Logale said people needed to be encouraged to buy shares in the Agricultural Bank because it could offer loans with low interest rates unlike commercial banks.