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RuralInvest Institutionalization to Foster Access to Finance for Small-scale Farmers in Burkina Faso
We are excited to announce the launch of a Technical Cooperation Program (TCP) specifically dedicated to RuralInvest activities in Burkina Faso. This initiative aims to institutionalize the RuralInvest tool: for the financial and educational institutions but also at farmers organizations level and extension services increasing sustainably access to finance for rural small holders.
By institutionalizing RuralInvest, the tool becomes more widely available, enabling small-scale entrepreneurs to access the necessary assistance and resources to turn their business ideas into reality. This TCP builds upon the PADEL B experience, where ECObank financed business plans developed with RuralInvest. Therefore, it is intended to raise awareness among new financial institutions so they can better understand the reality of farmers and adapt their products to the rural production conditions. This increased access to financial services and non-financial services will empower rural entrepreneurs, promote economic growth, and contribute to poverty reduction in Burkina Faso.
In addition to facilitating access to finance, the TCP also aims to foster entrepreneurship in rural areas. By promoting the adoption and utilization of RuralInvest, the program will support the development of viable and sustainable businesses in these underserved regions. This, in turn, will create employment opportunities, enhance local value chains, and stimulate economic activity in rural communities.
The launch of this TCP, funded by the government and implemented by FAO demonstrates the joint commitment to empower rural entrepreneurs and promote inclusive economic development while aiming for long-term growth in the country's rural areas.
A big thank you to the hardworking team in the country who have been and will continue working to improve the lives of farmers.
Toolkit fosters access to finance for small and medium-sized agricultural enterprise
Rome - The Food and Agriculture Organization of the United Nations (FAO) has finalized the latest update of a toolkit that aims to revolutionize small and middle-sized rural entrepreneurship. RuralInvest, the methodology developed by the FAO Investment Centre, offers its users a path from theory to practice, to assist entrepreneurs in creating sustainable and bankable business plans.
In the absence of clear and effective business models, farmers and rural entrepreneurs find it challenging to convince financial institutions and banks to invest, also given that agriculture is often considered a risky investment and its profitability difficult to gauge. Over 80 percent of the world’s food is produced by family farming, yet less than 10 percent of smallholders have access to finance.
The idea at the heart of RuralInvest is to make small and medium-sized entrepreneurs thrive by empowering them, through specially trained intermediaries – that is, platform users - to translate their business ideas and vision into concrete plans that can attract investors. Continue reading the full article here.
PRAPS project moves forward with training in several countries
PRAPS2 is a World Bank project working to preserve pastoral systems in Burkina Faso, Chad, Mali, Mauritania, Niger, and Senegal. It is deployed under the technical and operational coordination of the Permanent Inter-State Committee for Drought Control in the Sahel (CILSS). The project focuses on improving natural resource management and animal health, mitigating conflicts, facilitating access to markets, and ensuring crisis preparedness and response.
Last year, 27 participants from the 6 countries targeted by the project travelled to Cotonou, Benin to take an intensive RuralInvest training. They are RIV Focal Points and coordinator of component 3 of the project in their respective countries. RIV focal point’s role is to liaise with FAO and other relevant stakeholders to organize further trainings in their respective countries and advance towards the facilitation of grant and loan disbursement using RuralInvest methodology and software.
During the first months of the year, 18 people in Mali, 19 people in Burkina Faso and other 19 in Senegal participated in the first national trainings given by the national focal points and the coordinator of the component 3, supported by a certified trainer from Burkina Faso. The participants were service providers in charge of supporting the entrepreneur developing their business plan with RuralInvest.
PRAPS2, financed by the World Bank, intends to preserve pastoral systems in six countries of the Sahel region: Burkina Faso, Chad, Mali, Mauritania, Niger, and Senegal. The project focuses on improving natural resource management and animal health, mitigating conflicts, facilitating access to markets, and ensuring crisis preparedness and response.
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RuralInvest: empowering rural entrepreneurs
The Food and Agriculture Organization of the United Nations (FAO) Investment Centre is launching a newly updated software and training package to empower rural entrepreneurs, agricultural extension workers and investors.
RuralInvest is a free step-by-step toolkit, now offering new, user-friendly and multi-language software combined with hands-on support, to produce sustainable and bankable agribusiness plans.
RuralInvest brings together small and medium-sized enterprises seeking capital to expand, with national and international financial institutions looking to securely invest in viable agriculture businesses.
Read the full article here.
Financial Institutions renewed their commitment to agricultural financing schemes
The Food and Agriculture Organization of the United Nations (FAO), through its technical assistance to SAIP (Sustainable Agricultural Intensification and Food Security Project), convened a roundtable discussion with members of financial institutions and insurance companies in Rwanda. The discussion was about charting a way forward to building a strong synergy that spurs, fosters, and improves the agricultural financing scheme for small-scale and rural agribusinesses.
“We really need your support because you are the ones who know exactly how agribusinesses need to be tailored so you finance them. Together we can stimulate investments and enhance the development of private investments in agribusiness and agroindustry and contribute to inclusiveness and poverty reduction.” Said Jean Claude Karemera, Senior Value Chain Development Specialist at Rwanda Agriculture and Animal Resources Development Board (RAB) -SAIP.
Continue reading the full article here.