AFRACA Secretary General, Mr. Thomas Essel welcomed Mr. George Kubai who was recently appointed as the Managing Director, Agricultural Finance Corporation (AFC). The meeting aimed to explore areas of synergies and strengthen the cordial working relationship between the two institutions which spans over two decades.
AFC expressed interest to work with AFRACA in the implementation of its new project “Financing Innovation for Sustainable Fisheries with the Private Sector”. The project aims to support fishing businesses in Kenya access formal micro-finance and credit resources enabling them to innovate and scale up their fishing activities which is in line with Kenya’s Blue Economy Strategy. AFC intends to increase its lending and investments in the sector to complement AFRACA’s work.
AFRACA is also currently in the process of developing a Financial Indicator Framework for all its member institutions who are working in the rural and agricultural finance pace. The framework is intended to measure impact of their lending to the agriculture sector. AFC will be enjoined in the Committee to share their expertise and boost efforts made by the Team.
Both AFC and AFRACA have a shared vision on facilitating access to finance to rural small holder farmers and discussions will still be ongoing on expanding the scope of their work.