Calvin Miller, Senior Officer and Group Leader, Food and Agriculture Organization of the United Nations, Italy Agricultural finance, especially for crops, is critical to boost food production and help address food security in the world and also to address the livelihood needs of the poor, a majority of whom depend upon agriculture for their sustenance. Yet conventional approaches to agricultural finance from development banks have been difficult, commercial banks have shied away due to perceived risks and costs and microfinance institutions with their relatively high cost, short term microcredit did not offer a solution. Today, agriculture has become more market-linked, microfinance institutions have evolved, strategic partnerships have increased opportunities, and new technologies and approaches to reduce cost and risk in agricultural microfinance have been developed. Understanding and applying these in the design and implementation of microfinance, financing crop agriculture for lowincome households can be successful, sustainable and help address food and livelihood security.
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