Posted on February, 15, 2019 at 10:10 am
By VALENTINE OBARA
In Rome, Italy
The International Fund for Agricultural Development is banking on rural youths in its efforts to enhance food security in developing countries.
IFAD President Gilbert Houngbo said that the organisation has partnered with private financial institutions to offer credit to young, jobless agricultural entrepreneurs in rural areas.
According to Mr Houngbo, the major strides made in recent years in agricultural innovations and technologies are not enough to entice young people to invest in agriculture without adequate funding.
Speaking at a press briefing ahead of the IFAD Governing Council conference, which officially opens on Wednesday in Rome, Italy, he disclosed that a special fund known as the Agribusiness Capital Fund (ABC) has been set up by IFAD for this purpose with the aim of raising up to $250 million (Sh25 billion).
“Making agribusiness more attractive to the youth is only possible through innovation. This involves technology and access to finance,” he said on Tuesday. The ABC Fund is set to be launched on Friday during which financial partners will be officially unveiled.
In order to curb bad loans, the former prime minister of Togo said interested youth groups will have access to technical assistance so as to come up with sustainable, profitable agricultural projects.
“We want to change their mindset so that they know they are in it to make money. It is about listening to (their) ideas and helping to make projects bankable,” he said.
Mr Houngbo added that IFAD will also analyse its past projects to know what worked, develop a pattern and sensitise the rural youth on what can be implemented successfully.
Among leaders expected to speak at the Governing Council meeting are Pope Francis and Italy’s Prime Minister Giuseppe Conte.
Source: Daily Nation