Eleven maize and soya beans farmers’ cooperatives in Eastern Province are set to benefit from a $9.2 million (about Rwf6.4 billion) lending programme jointly rolled out by International Finance Corporation (IFC), Global Agriculture and Food Security Programme, (GAFSP) and KCB Bank Rwanda yesterday.
This, the partners say, is in a bid to have the more than 12,000 small-holder farmers use the financing to gain access to improved seeds and fertilisers and to training in better farming practices in order to expand food production.
After harvesting, the cooperatives will supply the grains to a food processing plant that produces fortified cereals for people suffering from malnutrition, particularly children.
Speaking after the signing ceremony at the World Bank Kigali offices, Ethiopis Tafara, IFC vice president for corporate risk and sustainability, said grain production has a significant impact on food security in the country.
“Access to affordable financingearn more income to support their families,” said Maurice Toroitich, KCB Bank Rwanda’s managing director.
In addition, farmers will receive technical advice through a comprehensive advisory services programme provided by the IFC and its partners.