The Board of Directors of the African Development Bank (AfDB) Group, has approved a project to provide 60,000 metric tons of fertilizer to 400,000 smallholder farmers in Uganda.
The bank in a statement issued on its website on Sunday, said this would be done under the Fertilizer Financing for Sustainable Agriculture Management project.
It said: ” Africa Fertilizer Financing Mechanism will provide two million dollars in partial trade credit guarantees and a grant of 877,842 million dollars to the African Fertilizer and Agribusiness Partnership.
”Over a three-year duration, the project will support two wholesalers to sell fertilizer with a value of up to fifteen times the value of the two million dollars partial trade credit guarantee.
” It will also link wholesalers to around twenty-five hub agro-dealers and 125 retail agro-dealers who will on-sell the fertilizer to farmers.”
The bank said the credit facility will reduce the risks associated with suppliers lending fertilizers to wholesalers on credit.
It said the project was expected to boost yields and provide training to 3.4 per cent targeted farmers with 40 per cent of them women.
It said they would be using improved seeds, balanced crop nutrition and best farming practices.
Meanwhile, Marie-Claire Kalihangabo, Africa Fertilizer Financing Mechanism Coordinator, said in Uganda that the fertilizer consumption was about 2.5 kg/ha.
According to Kalihangabo, the project will help to make fertilizer more accessible and appropriately used by farmers.
She expressed delight as it would in turn boost agricultural productivity and help to improve food security in the country.
”The project will advance the Bank’s Feed Africa Strategy by increasing food productivity and security.
”It builds on the results of the Sustain Africa initiative, the Bank’s Country Strategy Paper for Uganda 2023–2026.
“The project was approved on Sept. 22,” she said.(NAN).READ ALSO:
- CAFWCL: Edo Queens Lose Third Place To FC Masar
- I’m not bothered about criticism over judges quarters project– Wike
- NiMet predicts 3-day dust haze, sunshine
- Covenant University emerges first in inter-disciplinary science research in West Africa
- 15,000 applicants jostle for 900 Civil Service jobs in Oyo
