Amiran Kenya, Chase Bank and Rafiki DTM launch loans targeting Kenyan farmers and youth
Chase Bank, Rafiki DTM and Amiran Kenya have announced a cooperative arrangement to extend new credit opportunities to farmers and youth, that will enable them to purchase Amiran’s modern agricultural technologies, to boost their farm produce as well as empower the youth economically.
Under the programme, Chase Bank and its subsidiary, Rafiki DTM have allocated the agribusiness finance project 3.5 billion to help finance Amiran’s modern agricultural technologies to interested youth and farmers. Amiran Kenya will play the part of installing equipment, training the farmers both practically and theoretically on Amiran products, offer advice and carry out farm visits through Amiran’s professional and experienced agronomists to ensure that farmers attain the best possible harvest, allowing them to clear off their loans calmly and at the expected time frame.
“Agriculture is the backbone of Kenya’s economy and new investment in form of finance is essential for creating new jobs and economic growth. Amiran is pleased to have partnered with like-minded organizations like Chase Bank and Rafiki DTM as part of our broader engagement to support all levels of farmers on one angle and special attention to the youth as another angle, as we empower them to be the leaders of now. This new lending initiatives further supports the use of modern farming techniques that work to conserve the country’s natural resources, contribute to more young people venturing into agribusiness as well as, improve quality of farmers produce by the use of Amiran’s modern and field proven technologies.” said Pinhas Moskovich, Amiran Kenya Managing Director during the media briefing that launched the new partnerships.
According to Rafiki DTM Chief Executive Officer Daniel Mavindu, the cooperative agreement by the three institutions to disburse cheaper and flexible loans to farmers and the youth is the right step to empowering our country to economic growth. Mr. Mavindu noted that agriculture holds an important key to poverty reduction through increased productivity, value addition, improved technologies and linkages to other sectors.
Rafiki DTM loans will be focused on the small scale farmers and the youth. This will spearhead efforts to decrease youth unemployment and support small scale farmers to turn from subsistence agriculture done for survival into wealth creation farming through the Amiran way of smart agribusiness.In the same event, Deputy Executive Officer Paul Njaga said: “The survival of Kenya’s agriculture rests squarely on the youth who are the farmers and leaders of tomorrow.Two-thirds of Kenyans depend directly on agriculture for their livelihoods. In addition to enduring food security, agriculture plays a vital role in supporting our economy and generating employment which is a greater step to realization of Vision 2013. Our youth continue to struggle to find jobs, yet there are emerging opportunities they can tap into, particularly in the agriculture sector that can help them to be self-reliance and more enterprising. Failure for our youth to expoit and grab the opportunities we are continuously providing to them such as these, not only shuts down a key economic to national development, but predisposes to social and economic instability. Mr Njaga added that the bank’s partnership with Amiran Kenya and Rafiki will signal the significance of developing the agricultural sector and create more opportunities for farmers and the youth. He noted that the bank’s move to offer competitive and flexible financing in tandem with Chase Banks’ commitment to reach out to the SME sector and mre so the youth sector who are increasingly involving in agribusiness. With 80 per cent of the entrepreneurs in the country being in agribusiness addressing this sub sector will significantly boost SMEs.
Under this program, Chase Bank will disburse loans as low as Ksh 14, 500 for the purchase of Amiran’s Foundation Kit for starter farmers, and youth going up to Ksh 272, 000 for the standard Amiran Farmers Kit (AFK) and millions of shillings for purchase of Amiran innovations for large scale farmers. With the lending programmes, Chase Bank, Amiran Kenya and Rafiki DTM will all focus on equipping farmers to produce more quality produce enough to feed the country while also attracting international markets in a move to further open up Kenyans agricultural export industry.