Equity Bank Invests Over Ksh 1 Billion in Capital in Agricultural Projects in Q1 2019

Equity Bank has invested over 1.06 billion shillings in the capital as of the end of the first quarter of 2019 in different agricultural projects.

The bank’s efforts have been aimed at improving the livelihoods of smallholder farmers by improving market access, capacity building and expansion of agricultural production value chain as of the end of the first quarter 2019.

This has since seen at least 638,522 small scale farmers transformed to Agri-business entrepreneurs through eight of its agricultural projects and partnerships within the review period ending March 31, 2019.

Figures from the lender’s database indicate that this transformation of farmers is part of 35.3 billion shillings investment in social programs through the Equity Group Foundation (EGF).

“To date, up to Kshs200 Million has been accessed in loans by these farmers with 31,291 of them being medium-sized farmers,” Equity Bank Group MD and CEO Dr. James Mwangi said.

Majority of Kenyans depend on agriculture to earn a livelihood and it is against this that Equity Bank continues to prioritize investments in agriculture.

Among the agriculture projects spearheading the transformation is the Kenya Cereal Enhancement Programme (KCEP) where subsidy inputs worth 764 million shillings were channeled to reach 400,000 farmers.

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This program enables farmers to access inputs from selected agro-dealers through an E-voucher platform.

Other projects include the smallholder Dairy that targets to train 24,400 dairy farmers, Kenya Forest Services that has seen 2,374 farmers’ access loans worth 41.2 million shillings to promote farm forestry investments, and the Medium Size farm project that has seen 2,616 farmers trained on financial management and Good Agricultural Practices.

Additionally, the bank is intending to disburse 3 billion shillings worth of loans in the next five years to 100,000 farmers through its Kilimo Biashara project.

During this year’s annual Think Business Awards, the bank received the Best Bank Award in Agriculture and Livestock Financing among its 18 accolades validating its investment Social programs and empowering farmers.

Some of the partners with the bank include the government, World Bank, Alliance for a Green Revolution in Africa (AGRA) and the International Fund for Agricultural Development (IFAD), European Union (EU), Kenya Forest Service (KFS), and the Kingdom of Netherlands.

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