Banks urged to come up with affordable agri loans

Financial institutions have been urged to come up with affordable agri loans and practical demands to allow young people access capital.

Speaking during Kenarava agribusiness dinner at a Nairobi hotel, speaker after speaker noted that most banks have unrealistic demands for loans which youth cannot meet.

To have more youth access these monies and venture into agribusiness, it is imperative that financial institutions be flexible and accommodating.

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The guest of honour, Permanent Secretary Ministry of Agriculture Livestock and Fisheries Hamadi Boga noted that more youth need to invest in the agricultural sector to secure the country’s food security.

He added that the recently completed census paints a bleak future for farming in Kenya, where the average age of the farmer is 59 years old and that of the consumer is 17 years old. 

Boga said youth are the major catalyst for change and a backbone for the nation hence it is paramount to mobilise them for national development through participation in agriculture.

The dinner organised by Kenarava group led by their chairman Ronald Dianga was meant to discuss how to attract more youth to join the agricultural sector.

Others issues discussed is why banks term agriculture as a high risk low return venture despite being a major contributor to Kenya’s Gross Domestic Product.

The Israel ambassador to Kenya Oded Joseph challenged the county governments to identify and support youngsters who show motivation in farming adding that they will provide exchange programmes to train youth on modern practises.

It was noted that most small scale farmers in rural areas have not switched into modern farming practices to increase yields and profits.

Without a new generation to take up farming, there is a looming crisis when it comes to food security.

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