HNB strengthens rural economy

Joins CIC and Hayleys PLC:

Sanjeevi Jayasuriya

The Hatton National Bank (HNB) has selected two major corporate partners, Chemical Industries (Colombo) PLC (CIC) and Hayleys PLC to build and strengthen new linkages with rural communities helping develop the rural economy of Sri Lanka.

The three companies have achieved significant results in the areas of management and technology harnessing the potential of agricultural resources. Sri Lankan economy being based on agriculture management and technology are two important aspects that enable success in the sector, said HNB Deputy General Manager Marketing and Retail Banking Chandula P. Abeywickrema.

The program envisages that the corporate partners CIC PLC and Hayleys PLC will identify prospective farmers and entrepreneurs who are eligible to be linked with the company's outgrower network in sectors such as paddy, livestock, fisheries, fruit and vegetables, supply agri input and advisory services, assist in agro technologies and implement buy back agreements with farmers to purchase their produce, he said.

The expertise and capabilities of Hayleys and CIC would be further strengthened with the partnership. The farmers too will benefit from the modern technology to be infused. The Bank plans to educate the farmer community in financial literacy to derive the benefits of the banking facilities and services, he said.

"This would be a fruitful partnership. There is plenty of land that is available for cultivation in the liberated areas. We support the farmer community to gain economic prosperity by providing them with financial facilities. The country could emerge as an economic power in the region with the development of the rural sector", he said.

The bank in turn will focus on providing financial assistance by promoting credit and drive the approach of building financial literacy and technical know-how among the rural farmer community through its branch managers, agricultural officers and micro finance officers serving in the rural areas.

"As an input supplier and a partner of the farming community we expect this collaboration to bring best possible economic returns. Farmers need the assistance to market their produce and we could play a bigger role in helping them," said CIC Chief Executive Officer Samantha Ranatunga.

"The company has increased its farmer base to five farms and expects to add further. We need to make farming more sustainable and lucrative to enable the farming community to continue in their activities," he said.

"We are at the threshold of a new phase of development and the farmer community plays a vital role in this process. The new synergies will benefit to them, said Hayleys Director Rizvi Zaheed.

The key in any venture is the access to the market and agriculture is no exception.