Home East Africa Kenya: Ecobank set aside Sh1bn to Lend Farmers

Kenya: Ecobank set aside Sh1bn to Lend Farmers

217
0
SHARE

Ecobank has set aside Sh1 billion to promote the coffee, tea, and dairy industries in Nyeri County and the Mt Kenya region.

The money will be available for lending to farmers and groups that meet the bank’s minimal conditions, said Samuel Odhiambo, the bank’s Kenya and EAC director of commercial banking.

He announcednference in Nyeri on Wednesday that included the county authorities and more than 100 farmers’ cooperative societies from across the region.

Odhiambo stated that the bank is eager to assist national and county governments in improving agribusiness and food security by increasing access to finance and developing agricultural-focused products.

“We acknowledge the critical role that agriculture plays in Kenya’s food security and employment, which is why agricultural financing has been selected as a priority emphasis area,” he said.

He stated that the banking institution is devoted to giving credit to farmers for them to purchase agricultural equipment and infrastructure such as storage facilities and dairy cooling systems.

Others include trade finance for farmers, Saccos, and organizations involved in the agricultural value chain that require immediate working funds.

The bank is in talks with farmers’ cooperatives, according to Odhiambo, to design a custom-made cooperative account package that meets their banking needs.

Nyeri Governor Mutahi Kahiga praised the bank and said the cooperatives were welcome to collaborate with it.

Kahiga also stated that cooperatives must be managed professionally.

DAIRY, TEA, AND COFFEE
Ecobank has set aside Sh1 billion for Mt Kenya farmers.
The funds will be made available for financing to farmers and groups that meet the bank’s minimum criteria.
• Odhiambo stated that the bank is eager to assist national and local governments in improving agribusiness.

• He stated that they are in talks with farmers’ cooperatives to design a custom cooperative account package that meets their banking requirements.

The money will be available for lending to farmers and groups that meet the bank’s minimal conditions, according to Samuel Odhiambo, the bank’s Kenya and EAC director of commercial banking.

He announced during a conference in Nyeri on Wednesday that included the county authorities and more than 100 farmers’ cooperative societies from across the region.

Odhiambo stated that the bank is eager to assist national and county governments in improving agribusiness and food security by increasing access to finance and developing agricultural-focused products.

“We acknowledge the critical role that agriculture plays in Kenya’s food security and employment, which is why agricultural financing has been selected as a priority emphasis area,” he said.

He stated that the banking institution is devoted to giving credit to farmers for them to purchase agricultural equipment and infrastructure such as storage facilities and dairy cooling systems.

Others include trade finance for farmers, Saccos, and organizations involved in the agricultural value chain that require immediate working funds.

The bank is in talks with farmers’ cooperatives, according to Odhiambo, to design a custom-made cooperative account package that meets their banking needs.

Nyeri Governor Mutahi Kahiga praised the bank and said the cooperatives were welcome to collaborate with it.

Kahiga also stated that cooperatives must be managed professionally.

In partnership with the Dedan Kimathi University of Technology, the county government has been supporting programs where they have been trained in governance, accountability, and financial management.

“We’ve also addressed difficulties inside the cooperative movement, particularly in the agriculture sector, tea, coffee, and dairy, and we’re hoping that’s where Ecobank can start,” Kahiga added.

“We’ve also told them [Ecobank] that cooperatives are special, and that their goods should be tailored to them.”

In Nyeri, there are 175 active cooperatives in several industries, including agriculture, transportation, and commercial Saccos.

LEAVE A REPLY