The Lower Eastern Times Opening The Third Eye
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The Ministry of Agriculture, in partnership with Rootooba, is hosting a two-day forum titled the Financing Agriculture Sustainably Conference (FINAS2024) on March 27th and 28th, 2024, aimed at addressing Kenya’s food insecurity crisis.
Seeking to tackle the looming food insecurity and combat inflation in food prices, the forum will bring together stakeholders from financial institutions, agribusiness sectors, and the government to reassess funding options and investments in the agricultural sector, positioning Kenya for resilient agricultural enterprises.
Despite agriculture being the largest GDP contributor, current agriculture loans and investment portfolios are disproportionately low compared to the sector’s GDP share. Only around 3.2% of Kenyans utilize formal borrowing for agriculture, leaving a gap filled by informal financing mechanisms lacking in capacity and quality.
Mary Mwiti, CEO of the Council of Governors, emphasized the need for collaboration among counties to establish credit and financing policies to empower farmers. Dr. Paul Rono, PS of the State Department of Agriculture, highlighted the importance of investing in transforming Kenya’s abundant land into a thriving agricultural ecosystem.
Dr. Kawira Mutegi, Conference Director, emphasized that FINAS 2024 will facilitate discussions on appropriate financing models for the agricultural sector, addressing challenges and designing solutions relevant to beneficiaries. Partners such as GIZ, FSD-Kenya, AGRA, and others are actively contributing to the success of the conference and the transformation of Kenya’s agricultural sector.
