AfDB, Togo discuss ways to improve SME/SMIs’ access to agricultural loans

Economic governance
Thursday, 09 May 2019 14:13
AfDB, Togo discuss ways to improve SME/SMIs’ access to agricultural loans

(Togo First) - Last Tuesday, the African Development Bank (AfDB) and the Togolese government met to discuss SMEs and SMIs’ access to agricultural loans. On this occasion, it was revealed that only 0.3% of businesses active in agriculture in Togo have access to banking loans.

The recent talks between the AfDB and Togolese authorities should help find ways to improve lending and loan mobilization by these businesses, according to the ministry of agriculture’s communication unit. These will support the MIFA which is a mechanism that aims to improve agricultural financing based on risk-sharing (non-related to rainfall and other hazards.

The minister also added that the objective here is to “build an ecosystem that will foster the growth of SMEs and SMIs, by improving how they are financed. This will lead to a boom in their numbers and ultimately boost the country’s job market.

Séna Akoda

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