Orabank lends CFA330 million to Togolese farmers in support to MIFA

Agriculture

Monday, 29 October 2018 15:18

Orabank lends CFA330 million to Togolese farmers in support to MIFA

(Togo First) - In Togo, under the mechanism fostering agricultural funding (MIFA), Orabank-Togo has issued a loan of more than CFA330 million for 392 farmers who belong to three cooperatives.

The cooperatives are COOP-CA UCAPRIKO, COOP-CA UCARIM and COOP-CA UNION WLI-BOLOU which respectively received CFA125,249,000, CFA120,383,000 FCFA and CFA88,665,000 FCFA to fund their operations.

Interest rate on the loan is 8%, according to the related note released on MIFA’s Facebook page.

MIFA aims to provide in ten years, up to ten times seed money and bring agricultural loans’ share in banks’ loans from 0.3% to 5%.

The scheme should positively impact a million farmers by 2021, through the professionalization of value chains, boosting financial inclusion and creating cooperatives.

Séna Akoda

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