Togo: The MIFA is two years old

Thursday, 02 July 2020 12:22
Togo: The MIFA is two years old

(Togo First) - Launched in June 2018 by President Faure Gnassingbé, the Agriculture Incentive Financing Mechanism (MIFA) which is based on risk-sharing, celebrated last week its second anniversary. 

Over the period, the MIFA, which is inspired by the NIRSAL in Nigeria, helped distribute more than XOF14 billion to 144,000 actors of the Togolese agricultural sector, of which 125,000 are farmers. This was done through 10 financial institutions, namely Ecobank, Orabank, Sunu Bank, UTB, BTCI, SOGEMEF, FUCEC, African Lease Togo, and Bank of Africa. 

The mechanism also received support from many financial partners including the AfDB, IFAD, and the Khalifa Fund. It also structured viable markets worth XOF124 billion which are related to production and transformation across all agricultural sub-sectors. 

In total, the MIFA created nearly 163,000 jobs in Togo (both direct and indirect) since it began operating. 

More ambition for 2020

The ambitions of the mechanism this year are even greater, despite (or because) the major challenges spurred by the Covid-19 in the agricultural sector. Among others, the MIFA is boosting its actions to improve transportation of agricultural products, contribute to the government’s covid-19 response, and make it easier for farmers active in key sectors to get the inputs they need. 

In effect, the mechanism plans to mobilize XOF50 billion for 400,000 agricultural actors, as well as generate 450,000 jobs in 2020. 

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