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Monday, July 15, 2024

AFC holdings lays out roadmap for financing 2023/ 2024 summer cropping season

Story by Stanley James, Business Editor

STATE-OWNED Agricultural Finance Corporation Holdings (AFC) has committed to supporting the 2023/ 24 summer cropping season by rolling out several capital raising models.

Three years after its launch, the AFC has stepped up efforts to finance farmers across the full range from communal landholders to large-scale growers.

The diversified agro-financial entity’s chief executive Officer, Mr Francis Macheka disclosed that several funding mechanisms will be rolled out to the farmers during the oncoming summer cropping season.

“With regards to funding models, I can safely confirm that all is in place to ensure that we roll out several financing models that will suit the needs of the farmers given the adverse impact of the El Nino projected shocks. Our insurance arm is also focusing on programmes to safeguard the value of returns to the farmers. So, modalities regarding the funding or loans will soon be made public to the related stakeholders in the farming value chains,” he said.

The government, as the main shareholder, has also mandated the bank to ensure that it achieves targets.

“Remember, since the launch of the bank, we were given several targets that are premised towards ensuring food security and capacitation of farmers. We continue to review the targets so that they yield the desired results. As for now, I can safely confirm that we are on course
in terms of financing maize, wheat, traditional grains, livestock, mechanisation, irrigation projects, and many other key enablers within the farming value chains,” said Mr Macheka.

The AFC was unveiled in 2021 after the restructuring of Agribank, with the key mandate being the mobilisation of capital resources to facilitate short-term and long-term financing for farmers at concessionary rates.

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