Equity, John Deere Sign Deal to Finance Acquisition of Farming Machines

Equity Group has entered into an agreement with farm and equipment manufacturer John Deere to finance the purchase of farming machines.

The Kenyan lender will provide prospective buyers with asset finance solutions under the two-year agreement.

Similarly, John Deere and MASCOR will launch cooperative farmer education and training programs.

The agreement is part of the two companies’ goal of increasing agricultural output through mechanization.

“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 capability to scale and grow their yields and businesses for larger markets,” said Equity Group CEO James Mwangi.

“Kenyan farmers have the opportunity with the implementation of the Africa Free Continental Trade Area Agreement to increase production for global supply chains which were disrupted by the COVID-19 pandemic and the Russia-Ukraine conflict,” he added.

Mwangi expressed confidence in the collaboration, noting that it will increase mechanization for the country’s small-scale farmers.

The deal was struck on the occasion of US Ambassador to Kenya Megg Whitman’s second roadshow in Chicago.