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Shared-risk Agricultural Financing Incentive Mechanism Support Project

The agriculture sector is the backbone of the Togo’s economy. It provides 60 per cent of employment and contributes 41 per cent of GDP. The Shared-risk Agricultural Financing Incentive Mechanism Support Project (ProMIFA) will first develop the production and marketing of rice, maize, poultry and market-gardening produce in order to improve the food and nutritional security of rural communities. Over 50,000 vulnerable rural households in Togo will benefit from ProMIFA. 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 micro, small and medium-sized agricultural enterprises so they can develop their activities and gain access to markets. It aims to create jobs and generate income for rural people living in the project areas, and to ensure that at least 30 per cent of the project’s participants are women, and 40 per cent are young people. It will facilitate access to financial services for rural communities by increasing loans to smallholder farmers and to small and medium-sized rural enterprises, 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.

Status: Ongoing

Country

Togo

Approval Date

31 December 2018

Duration

2018 - 2025

Sector

Credit and Financial Services

Total Project Cost

US$ 19.4 million

IFAD Financing

US$ 7.5 million

Co-financiers (Domestic)

Private sector local US$ 6.31 million

National Government US$ 3.8 million

Beneficiaries US$ 1.8 million

Financing Gap

US$ 10 million

Financing terms

DSF Grant/Highly Concessional

Project ID

2000001051

Project Contact

Pascal Kabore


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President's report

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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