Kenya Gov’t to Issue Sh 3 Billion Fund to Coffee Farmers at 3% Interest
The Kenyan government says it has embarked on an agenda to revive the country’s coffee sector with billion cherry advance revolving fund to farmers with an interest of three per cent per annum.
During the 123rd International Coffee Council happening in Nairobi, President Kenyatta said that the fund would aid farmers to facilitate the harvesting of the crop and also expand their benefits.
“The agenda is designed to boost production, reduce the cost of processing and milling as well as transaction costs at the auction market,” he said.
Under the new reforms, Coffee co-operatives have to submit the audited annual reports to Agriculture Cabinet Secretary within six months.
“To protect the sweat of the brow of coffee farmers, my administration has embarked on a programme to entrench the principles of good corporate governance within the internal management of co-operatives,” he said.
Part of the coffee reforms will entail rehabilitation of 500 pulping stations in 31 countries in a bid to ensure that farmers acquire enough planting materials and increase investments in research and extension services.
The President said that these measures are meant to cater for small scale farmers who do not benefit from the premium prices of the crop at the global market.