Credit and Financial Services: Shared-risk Agricultural Financing Incentive Mechanism Support Project (ProMIFA)

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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.

Status: Ongoing
Country
Togo
Approval Date
31 December 2018
Duration
2018 - 2025
Sector
Credit and Financial Services
Total Project Cost
US$ 36.09 million
IFAD Financing
US$ 7.5 million
Co-financiers (Domestic)
National Government US$ 3.8 million
Beneficiaries US$ 1.8 million
Private sector local US$ 6.31 million
Financing Gap
US$ 15.66 million
Financing terms
DSF Grant/Highly Concessional
Project ID
2000001051
Project Contact
Pascal Jean Kabore

President's reports

President's reports

President’s Report - Shared-risk Agricultural Financing Incentive Mechanism Support Project Type: Programme and project document
Region: West and Central Africa

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Supervision and implementation support documents

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