AFC Finance Initiative set to change Agricultural landscape in Nyanza and Western regions
By Dickson Odhiambo
March 10, 2020
AFC Finance Initiative set to change
Agricultural landscape in Nyanza and Western regions
THE Agricultural Finance Corporation has come up with an innovative
blended finance initiative set to benefit agricultural enterprises in Nyanza
and Western Region.
The Initiative is being implemented by the Agricultural Finance
Corporation {AFC} in partnership with Kenya Crops and Dairy Market System activity
{KCDMS}.
Addressing stakeholders during the official launch of the
program today in Kisumu, KCDMS Chief party Tom Carr stated that the program has
a grant component where successful applicants would be required to work with,
sell to, or buy from the population located within 12 counties thereby
contributing towards significant impact on local livelihoods.
Agricultural Finance Corporation Board Chairman Franklin
Bett says the intervention aligns with the corporation’s new strategic
direction which adopts innovative approaches to de-risking the ecosystem of AFC’s
operations.
“This program will enable AFC facilitate access to
agricultural finance in the region,” Bett says.
On his part, AFC Managing Director Lucas Meso said the
program is part of the corporation’s commitment to support the Government’s Big
Four Agenda of food and nutritional security in Kenya.
“Nyanza and Western regions have enormous potential and this
program will activate the region by enabling farmers to expand their farming
business. AFC’s partnership with KCDMS is expected to have an increasing and
lasting impact on the agriculture sector in the region,” Meso said.
The Program’s launch today in Kisumu follows the signing of
a Memorandum of Understanding{MoU} between the two institutions aimed at
facilitating access to agricultural finance in the counties of mutual interest
to agricultural and agriculture micro, small, medium{MSMEs} and large
enterprises for a period of three years.
The five-year program of the United States Agency for
International Development{USAID}, is funded as part of Feed the future, the US Government’s
Global hunger, food security initiative that helps to increase agricultural
production, reduce poverty and malnutrition in Kenya.
The program is being implemented in twelve counties namely Homa Bay, Migori,Kisii, Kisumu,
Siaya,Kakamega, Bungoma, Busia, Vihiga, Kitui, Makueni and Taita Taveta and is
designed to spur competitive, resilient market systems in Kenya’s horticulture,
Fodder/feed, dairy,poultry and agro-dealer sector.
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