State minister for agriculture, Ian Hayles, believes financial institutions can stimulate growth in the agricultural sector by slashing the lending rates for agricultural loans.

He made a call to this effect during Wednesday’s graduation of 29 residents of Tawes Meadows, who completed a four-week training course in crop production and animal husbandry.

The state minister noted that with the current rate for agricultural loans between eight and 10 per cent, local farmers were at a serious disadvantage to their eastern Caribbean counterparts, who enjoy a three per cent interest rate.

He insisted that banks are in a good position to make this worthwhile investment in agriculture given the high profit levels they enjoy.

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