Credit and Financial Services: Shared-risk Agricultural Financing Incentive Mechanism Support Project (ProMIFA)
IFAD Asset Request Portlet
Shared-risk Agricultural Financing Incentive Mechanism Support Project
The agriculture sector is the backbone of Togo’s economy. It provides 60 per cent of all employment and contributes 41 per cent of GDP. The Shared-risk Agricultural Financing Incentive Mechanism Support Project (ProMIFA) will develop the production and marketing of rice, maize, poultry and market-gardening produce in order to improve the food security and nutritional security of rural communities. The project aims to spur inclusive rural economic growth and create employment opportunities in rural areas through a value chain approach.
ProMIFA will facilitate sustainable access to financial services tailored to smallholder farmers and to micro, small and medium-sized agricultural enterprises so they can develop their activities and gain access to markets, while also improving financial literacy. The project will support the establishment of a financing and risk-mitigation mechanism, develop new financial products and improve the quality of financial services. ProMIFA will also provide training to financial institutions so they can assist smallholders in drafting business plans and can offer them the financial products they need.
Over 50,000 vulnerable rural households in Togo will benefit from ProMIFA. At least 30 per cent of the project’s participants will be women, and 40 per cent will be young people.