Kenya secures lucrative support for farmers

Agriculture Cabinet Secretary, Willy Bett (L) and Equity Bank CEO, Dr James Mwangi sign the agreement in the presence of Equity Group
Company Secretary and Director of Strategy, Mary Wamae.

From MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – KENYA, currently ravaged by drought, has signed a Sh300 million (US$2,88 million) agreement with a local bank to support farmers for the second phase of the Agricultural Credit Guarantee Scheme(ACGS).The Ministry of Agriculture, Livestock and Fisheries signed the agreement with Equity Bank (Kenya) Limited.The agreement marks the third time that the Ministry is partnering with Equity Bank, with the first being in 2008 through the Kilimo Biashara(Farming is Business) partnership and the second being in 2011 through theACGS Phase 1 agreement.ACGS aims at scaling up and magnifying lessons learnt throughout the previous years of implementation.
Equity Bank Chief Executive Officer, Dr James Mwangi, said more than 472 000 individuals had benefitted from loans worth over Sh7 billion.
“Kilimo Biashara has been a flagship partnership from which lessons have been used across the continent due to its impact to farming and related businesses,” he said.
Agriculture, Livestock and Fisheries Cabinet Secretary, Willy Bett, said the extension of the partnership would help accelerate efficient and effective service delivery to low income beneficiaries in the agricultural sector thus bringing them into the formal financial system.
– CAJ News

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