Togo: President Faure hands over a cheque of 100 mn CFA francs to farmers
- July 18, 2018
The first funding generated by the Agricultural Financing Incentive Mechanism (MIFA) was awarded on Friday to producers in the Dankpen region. President of the Togolese Republic, Faure Gnassinbgbé, went in person to Tagnamboul to hand over a check for nearly 100 million to a hundred farmers who wish to increase rice yields.
By the end of this year, 6,000 professionals are expected to benefit from preferential loans. They will be a million in three years.
The MIFA (formerly known as TIRSAL) was launched last June 25th by the Head of State. It plans to favour bank loans for the agricultural sector.
650 billion CFA francs are to be found to give substance to this ambitious project. 10% of this amount will be completed soon.
A certain number of productions are taken into account for financing, namely cereals, tubers, oilseeds, protein crops and meat products.
The MIFA, directly inspired by what has been done in Nigeria, aims to increase the commitment of the banking sector to the agricultural world by increasing the volume of loans and lowering interest rates.