Africa: $100 funding for farmers

  1. Posted on Friday 27 August 2010 - 12:38
    AfricaNews editor
    AfricaNews business desk with files from Reuters
    Farmers in four African countries are to benefit from a Standard Bank $100 million project in the next three years. The objective is to boost agricultural production and economic growth, CEO for Africa Clive Tasker said on Friday. Farmers in Uganda, Ghana, Mozambique and Tanzania are to gain from the pilot credit scheme.
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    It hopes to help some African farmers to grow export crops, Tasker said.

    "This scheme will disburse loans to small-holders of up to $100 million over the next three years and will potentially benefit up to 750,000 small-scale farmers," Tasker told Reuters in an interview.

    Tasker said the bank was also planning a broader financing scheme for other farmers in Africa and would consider projects that aimed at raising production of cash crops.

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