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Project to Support Agricultural and Rural Financial Inclusion in Burundi

In Burundi, rural populations have extremely limited access to financial services. To start agricultural or non-agricultural activities, they often have no choice but to borrow from traders and “loan sharks” who can charge excessive interest rates as high as 1,000 per cent. The Project to Support Agricultural and Rural Financial Inclusion in Burundi (PAIFAR-B) will enhance the availability of financial services in rural areas where demand currently far outstrips supply and will benefit 99,200 smallholder farm households in 18 provinces. It will start its activities in the 13 provinces where IFAD is already supporting 4 ongoing projects, and then extend its operations to the other 5 provinces at a later stage.

Rural people are those most affected by financial exclusion, especially women and young people aged from 18 to 30 years old. By bridging the gap between the demand for and the supply of financial and non-financial services, PAIFAR-B will enhance financial inclusion among the agricultural and non-agricultural rural population, particularly the most vulnerable smallholder producers and their organizations as well as microentrepreneurs. It will help reduce rural poverty in Burundi sustainably, and will involve the Burundi Central Bank, the private banking sector and microfinance entities.

Status: Ongoing

Country

Burundi

Approval Date

02 September 2017

Duration

2017 - 2024

Sector

Credit and Financial Services

Total Project Cost

US$ 38.61 million

IFAD Financing

US$ 24.94 million

Co-financiers (Domestic)

National Government US$ 2.6 million

Beneficiaries US$ 2.13 million

Other Local US$ 8.94 million

Financing terms

DSF Grant

Project ID

2000001145

Project Contact

Aissa Toure


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