African farmers to enjoy financial scheme worth over R12 billion

African farmers to enjoy financial scheme worth over R12 billion

- Zambian farmers would soon have access to an R12 billion finance scheme set up by the African Green Resources

- Through the project, the farmers would receive farm supplies as well as technological solutions to aid them in farming

- The scheme forms part of a $150 million fund which would be spread across a series of projects in the country

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An agriculture-inclined business in Zambia, African Green Resources (AGR), has announced a finance scheme for farmers valued at $81 million.

The project is designed to provide farm supplies and technology to farmers in exchange for farm produce.

This forms part of AGR’s plan to invest $150 million in Zambia for a series of projects, including a 50-megawatt solar farm and irrigation dam.

African Green Resources: African farmers to enjoy financial scheme worth over GHC400 million

Source: UGC

Per a report by Reuters, AGR would select 120 commercial farmers, as well as 250,000 small and middle scale farmers under the new programme.

The plan is to increase food security in the country as well as the surrounding regions.

The fund would take are of 60,000 tonnes of fertilizer for wheat and soya farming, estimated to be worth $55 million.

Another $26 million would be used for projects such as the expansion of grain storage silos.

It is expected that the project would lead to a yield of 44,000 tonnes of wheat per season.

Part of the fund has been guaranteed by the African Development Bank, the African Union, Sace Italy and Agriculture Grain International.

Eventually, the farmers would derive benefits from the growth of the business as they gain access to markets and credit finance.

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