Standard Bank in $100 million Africa farm loans deal

ACCRA - South Africa's Standard Bank will provide $100 million over three years for loans to small farms and agricultural businesses in four African countries, the bank said in a statement on Wednesday.

Under the deal, announced in Ghana, the Alliance for a Green Revolution
in Africa (AGRA), whose board is chaired by former U.N.
Secretary-General Kofi Annan, will provide a $10 million loan guarantee
fund to enable loans to businesses previously considered too risky for
lending, the bank said.

The fund will operate in Ghana, Mozambique, Tanzania and Uganda, it said.

"As world leaders respond to the global financial crisis with bailout
measures and stimulus packages, we should recognise the power of local
financial innovations to create change on the ground," Annan said at a
signing ceremony.


Post published in: Economy

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