afrol News, 18 March - Mozambique and Tanzania will be amongst the four beneficiary countries under the new scheme announced by Standard Bank to boost small farmers in Africa.

The South African bank will provide $100 million over a period of three years as loans to small farms and agricultural businesses in four African countries, which will also cover Ghana and Uganda,

According to the statement issued by the bank today, a further $10 million loan guarantee fund will be provided the Green Revolution in Africa (AGRA), whose board is chaired by former UN chief Kofi Annan.

The bank said the loan guarantee fund will enable loans to businesses previously considered too risky for lending, and boost capacities for farmers and other agro businesses to get inputs that will increase yields and thereby food security.

"Our action today recognises that the global food crisis is exerting major problems in Africa," Mr Annan said at a signing ceremony in Accra, Ghana.

He said the deal signed will ensure that Africa does not have to wait while the world is consumed in the global financial crisis and aid flows are diverted elsewhere to bailout business. he also said the deal was a positive sign that local financial institutions could also bring a change and ease the burden of the food crisis.

By staff writer

© afrol News

Related pages and feature

Current afrol News Top Stories