MIFA wants to mobilize XOF7bln for agricultural employment by late 2019

Monday, 14 October 2019 16:06
MIFA wants to mobilize XOF7bln for agricultural employment by late 2019

(Togo First) - Togo’s Agricultural Financing Incentive Mechanism (MIFA) is expecting to mobilize XOF7 billion by the end of the year to support 95,000 agricultural and financial players in the country. The project is expected to have an impact on 130,000 agricultural jobs, MIFA said.

To date, the institution has already mobilized more than half of its objective (about XOF 3.8 billion in the form of credit, between August and September 2019, for the benefit of 52,000 stakeholders impacting 86,000 jobs). Funds mainly went to the marketing of inputs, as well as soya and rice sectors (the three sub-sectors captured 80% of the credits granted, at the end of September 2019).

Mifa welcomes the interest of agricultural players vis-a-vis its support. Between January and September 2019, the institution spent about XOF45 billion on more than 500 projects.

Let’s note that financial support for the Togolese agricultural project in 2017 represented only 0.2% of banks' portfolio while the sector contributes 40% of the country’s GDP.

Ayi Renaud Dossavi

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