Mozambique: Standard Bank grants loans for agriculture to four African countries

20 March 2009

Maputo, Mozambique, 20 March – Mozambique is one of four African countries that will benefit from a fund worth US$100 million provided by South Africa´s Standard Bank to fund agricultural smallholdings over teh next three years, Mozambican newspaper Notícias reported.

The newspaper added that the Alliancefor the Green Revolution in Africa (AGRA) was partnering the initiative by announcing it had granted US$10 million for the fund.

According to a statement issued this week by AGRA, as well as Mozambique the fund will benefits small-scale farmers in Ghana, Tanzania and Uganda, where a lack of Access to credit is a great obstacle for farmers to invest in Basic means of production to ensure productivity increases and profit is generated.

Last Wednesday the initiatives partners signed a memorandum of understanding in Accra, Ghana, to establish rules to gain access to the loans.

The documents were signed by the chief executive of the Standard Bank group, Jacko Maree, and by the chairman of AGRA; Namanga Ngongi, and by the Mozambican Agriculture Minister, Soares Nhaca, a member of the council of advisors to the Millennium Challenge Account.

The US$100 million partnership announced between AGRA and the Standard Bank launches the biggest ever measure focused on financing agriculture by a single bank in Africa. (macauhub)