MIFA teams up with African Guarantee Fund to boost agricultural sector in Togo

Agriculture
Thursday, 04 July 2019 15:00
MIFA teams up with African Guarantee Fund to boost agricultural sector in Togo

(Togo First) - The agricultural financing incentive mechanism (MIFA) and the African Guarantee Fund West Africa signed on July 2, 2019, in Lomé a partnership agreement to establish a fund aimed at further increasing financing to actors of the agricultural sector.

The signing took place in the presence of Minister of agriculture, Noel Koutéra Bataka. The fund is baptized “MIFA’s guarantee fund for agricultural actors.”

The new agreement will enable both parties involved to contribute to the formalization and establishment of portfolio guarantees covering 50% of amounts needed for projects submitted by MIFA S.A to partnering financial institutions.

Additionally, individual guarantees will be put in place for MIFA-backed actors and those seeking funding from MIFA’s partnering finance institutions.

The partnership that AGF signed with MIFA directly aligns with our strategy for the coming years and it is a unique opportunity to boost Togo’s agriculture which is currently facing structural changes,” said Adidjatou Zanouvi, Managing Director AGF West Africa.  “With it”, he adds, “we will help ease and gradually improve the share of bank loans to the agricultural sector; an increase that will substantially impact Togo’s economic growth and the sector itself.”

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