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Browsing: Africa Fertilizer Financing Mechanism
- Africa Fertiliser Financing Mechanism will avail 8000 tons of fertiliser.
- 5.533 million Kenyan farmers are registered for the government’s subsidised fertiliser programme.
- African Development Bank granted Kenya $67 million in 2022-2023 through its African Emergency Food Production Facility.
The Africa Fertiliser Financing Mechanism has launched a project to help deliver 8,000 tons of fertilisers to 100,000 smallholder farmers in Kenya to boost harvests and incomes.
Through its Fertiliser Financing for Sustainable Agriculture Management Project, the Mechanism will provide a $2 million partial trade credit guarantee and a grant of $219,000 to Apollo Agriculture Limited, a Kenyan corporation, to facilitate the company’s fertiliser sales.
The Norwegian Agency for Development Cooperation, through a contribution of $10.15 million to the Africa Fertiliser Financing Mechanism, is also supporting the project.
Representatives of the African Development Bank, which manages the Mechanism, Apollo Agriculture and the Kenyan and Norwegian governments attended the launch event in Nairobi.…
- The Project will increase food production, income, and job creation for Kenyan smallholder farmers.
- Between 2024 and 2026, the project will support Apollo Agriculture Limited’s efforts to distribute fertilizers efficiently.
- The distribution strategy encompasses leveraging a portion of the company’s network, spanning 150 retail agro-dealers and 800 village-based agents, all under a digital platform.
The Africa Fertilizer Financing Mechanism has taken a significant stride in bolstering agricultural sustainability and productivity in Kenya by extending financial support to Apollo Agriculture Limited. This strategic move involves a $2 million partial trade credit guarantee and a $219,000 grant funding, aiming to facilitate the distribution of over 7,000 tonnes of fertilizers to approximately 100,000 smallholder farmers across the country.
The financial assistance provided by the mechanism reflects a commitment to addressing the challenges faced by smallholder farmers in accessing fertilizers, particularly those hindered by the lack of tangible collateral.
