The Commercial Bank of Ceylon has embarked on an ambitious mission to propagate technology in the agriculture sector, encompassing all areas of agricultural potential in the country.
This initiative aims at empowering farmer communities and improving the quality and volume of crop yields by fostering sustainable agriculture practices and equipping rural communities with the latest resources and knowledge in modern farming.
The first village to be “adopted” under the pilot project of the program was Mahilankadu in Kilinochchi, in collaboration with the University of Jaffna and the Department of Agriculture in Kilinochchi.
This first “Agri Modernisation Village” was introduced to transplanting paddy seedlings using mechanised technology as the first demonstration of the program recently. Farmers, members of the local farmers’ organisations, and officials and experts were present.
This program on transplanting paddy seedlings using mechanised technology was held in Mahilankadu village and was attended by a large number of local farmers organisations and officials of institutions connected with agriculture promotion.
Commercial Bank’s Deputy General Manager, Personal Banking, Delakshan Hettiarachchi said, “This transformative initiative of the Development Credit Department of Commercial Bank for rural communities is designed to bridge the gap between traditional farming methods and innovative technologies. We believe this can revolutionise the agriculture sector, and stimulate the next generation to embrace smart agricultural practices.”
The different elements to be addressed by the ‘Agri Modernisation Village’ program include access to advanced techniques such as transplanting, sustainable irrigation, and climate-resilient crop varieties that lead to increased productivity and profitability; skills development and training; financial inclusion and access to credit via direct engagement with the Bank; improved livelihoods though better yields and access to new markets; sustainable practices that ensure the long-term viability of farmer lands; and community support and networking.
The collaboration with academic and agricultural institutions required to implement the program fosters a valuable knowledge-sharing environment, a Bank official said.
Commercial Bank is the biggest lender overall to Sri Lanka’s small and medium enterprises (SME) sector and the second biggest lender to the country’s agriculture sector. In 2023, the Bank lent Rs. 231 billion out of the total loans of Rs 704 billion to SMEs, accounting for 32.89% of the total in value terms, he said.
Earlier this year, the Bank conducted an ‘Agri Modernisation Fair’ for farmers in the Vavuniya area, bringing together some of the biggest names is Sri Lanka’s agriculture sector to introduce the latest technologies available to them and to promote smart agriculture. This followed an awareness program conducted for farmers in the North Central Province on the functionalities of drones in agricultural.
Programs of this nature are supported by the Bank’s 19 Agriculture and Micro Finance Units (AMFU) across the country and play a key role in helping the Bank to identify specific needs of entrepreneurs who require assistance to develop either their agriculture activities or micro businesses. These units are dedicated to promoting agriculture lending and micro finance.
