Kenya: Agribusiness financier eyes small scale farmers with Sh3bn loan

Published 2021년 10월 15일

Tridge summary

The Micro Enterprises Support Programme Trust (MESPT) in Kenya is set to provide Sh3 billion in loans to over 50,000 small scale farmers to boost food production and create job opportunities. The funding, provided in partnership with the Danish government and the European Union, will have an interest rate of 13% and will be disbursed over the next five years. The loan aims to address the financial challenges that farmers face, as many are often denied loans by banks due to the high risk associated with agriculture. MESPT's goal is to enhance agricultural enterprise development, increase productivity, and ensure food safety through improved financial access for farmers.

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Original content

Micro Enterprises Support Programme Trust (MESPT) will be extending Sh3 billion loan to over 50,000 small scale farmers to strengthen food production and create more jobs in the agriculture sector. MESPT has partnered with donors such as the Danish government and the European Union to support farmers access to the funds for their agricultural activities. Ms Rebecca Amukhoye, MESPT chief executive officer, said the institution is implementing a development model that seeks to enhance agriculture enterprise development and agricultural productivity and food safety by increasing financial access and inclusivity to farmers. The agency is undertaking different projects in a number of counties, for instance in Taita Taveta, MESPT is supporting banana farmers while at the coast is giving both technical and financial support to coconut farmers. “These funds are meant to help farmers improve on their farming activities through financial support to boost food production in the country,” ...

Source: Businessdailyafrica