Micro Enterprises Support Programme Trust (MESPT) will be extending Sh3 billion loan to over 50,000 small scale farmers to strengthen food production and create more jobs in the agriculture sector.
MESPT has partnered with donors such as the Danish government and the European Union to support farmers access to the funds for their agricultural activities.
Ms Rebecca Amukhoye, MESPT chief executive officer, said the institution is implementing a development model that seeks to enhance agriculture enterprise development and agricultural productivity and food safety by increasing financial access and inclusivity to farmers.
The agency is undertaking different projects in a number of counties, for instance in Taita Taveta, MESPT is supporting banana farmers while at the coast is giving both technical and financial support to coconut farmers.
“These funds are meant to help farmers improve on their farming activities through financial support to boost food production in the country,” said Ms Amukhoye.
The institution is extending the loan to farmers at 13 percent interest rate, with Ms Amukhoye saying the demand has been high from growers.
The progamme is designed to run in the next five years and is aimed at assisting farmers to confront challenges they are grappling with in their daily ventures.
A lot of farmers have had difficulties with farming due to difficulties in accessing funding as most banks shy from lending to farmers due to high risks involved.
MESPT, through its Agriculture Financing (AgriFi) initiative is aiming at increasing agricultural yields, open sustainable supply chains for farmers, and improve food security in line with Kenya’s Big Four Agenda and the blueprint Vision 2030.