BTCI commits CFA5 billion to MIFA

Agriculture
Tuesday, 12 March 2019 16:01
BTCI commits CFA5 billion to MIFA

(Togo First) - Togo’s Trade and Industry Bank (Banque togolaise pour le commerce et l’industrie – BTCI) has just committed five billion CFA to the agricultural financing promotion mechanism, MIFA. The facility, yielded after talks between the two parties involved, will support agricultural value chains in Togo.

Launched last June, the MIFA’s purpose is to encourage financial institutions to fund agriculture in the country. Over a 6-month pilot phase, the public scheme directly benefited 5,062 farmers, of which 916 are women, against an initial target of 6,000 farmers. This phase cost CFA1.082 billion.

The performances helped attract more investors, knowingly the International Fund for Agricultural Development (IFAD). Indeed, last month, this institution invested CFA20 billion in the MIFA ; a sum that will be mainly used to develop the following four sectors: maize, rice, gardening and poultry. This should in parallel help create more than 40,000 jobs by 2025.

Ayi Renaud Dossavi

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