The government has injected KShs 10 billion towards the development of agriculture and agricultural industries through the Agricultural Finance Corporation (AFC), a development finance institution mandated to provide credit to farmers.
According to Tharaka Nithi Governor Muthomi Njuki, farmers and groups across the country will be able to receive loans and technical assistance from the corporation, which is the leading government credit institution tasked with providing credit for the development of agriculture.
“The agricultural sector is the backbone of the Kenyan economy and contributes highly to the country’s gross domestic product. The Kenya Kwanza government has now injected 10 billion to fund AFC to help farmers access low interest loans to increase agricultural productivity”, he said.
AFC’s loan products comprise machinery, agribusiness, livestock & fisheries development, cash crop, horticulture &floriculture development loan, water development loan, seasonal crop credit and school-based loan.
As an agriculture development bank, AFC branches in the country include Chogoria, Embu, Meru, Maua, Thika, Nyeri, Machakos, Ruiru, Nyahururu, Nakuru and Narok.
In an effort to boost funding, Njuki further asked farmers to take up Hustler Fund Group Loans launched by President William Ruto.
The group loan product targets groups registered by the Micro and Small Enterprises Authority (MSEA) and allows them to apply for loans ranging from Kes 20,000 to Kes 1 million, with the interest rate at 7% per annum.
Governor Njuki was speaking when he commissioned a milk cooler at Kiracha Dairy plant in Magumoni Ward, Tharaka Nithi County.
Cover Photo/Governor Muthomi Njuki/Facebook
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