Agribusiness gets sh63b support
Sep 14, 2011
THE United States Agency for International Development (USAID) has donated $22.5m (about sh63b) to help strengthen the Agribusiness Initiative (aBi) Trust in Uganda.
By Mary Karugaba
THE United States Agency for International Development (USAID) has donated $22.5m (about sh63b) to help strengthen the Agribusiness Initiative (aBi) Trust in Uganda.
The US joins the existing partners; Denmark, Belgium, Germany, Sweden and the European Union in a long-term commitment to build a vibrant agri-business sector in the country.
The fund will be managed by the Royal Danish Embassy. Speaking at the signing ceremony, US ambassador Jerry Lanier, noted that the donor-to-donor agreement shows the US mission and the Royal Danish Embassy’s commitment to ensure aid effeciency in Uganda.
“This agreement proves that we are ready to uphold the pledges made by our governments under the Paris Declaration and Accra Agenda for Action to increase donor co-ordination,†he said.
The agreement would foster the development of agricultural production through the provision of financial and technical support to farmers and agribusinesses working with maize, coffee and beans.
“Because the private sector is the key driver for economic growth and poverty reduction, USAID’s contribution to the aBi Trust aims at improving food security, employment and exports,†a statement released by the Danish Embassy last week said.
Nathalia Feinberg, the Danish ambassador, noted the aBi Trust gives the Ugandan agri-business sector a new agent.
“This will generate long-term results that are not possible to achieve during the life of the traditional development projects,†she said.
The aBi Trust is a catalyst that supports the Ugandan agricultural sector and a conduit through which a number of development partners and investors can build the capacity of the sector.
It also seeks to increase income for over 100,000 farming families by 25%. It targets women farmers and entrepreneurs and young people.
It also aims to expand financial services in Uganda. Thirty-eight new rural bank branches are expected to be established through this support.
Over 35,000 new loans will be extended to small-and-medium agribusinesses, according to the statement. The trust was founded by Uganda and Denmark and is overseen by a Board of Trustees.
The aBi Trust is a major shift in thinking about how agricultural development can best be supported in Uganda.
THE United States Agency for International Development (USAID) has donated $22.5m (about sh63b) to help strengthen the Agribusiness Initiative (aBi) Trust in Uganda.
The US joins the existing partners; Denmark, Belgium, Germany, Sweden and the European Union in a long-term commitment to build a vibrant agri-business sector in the country.
The fund will be managed by the Royal Danish Embassy. Speaking at the signing ceremony, US ambassador Jerry Lanier, noted that the donor-to-donor agreement shows the US mission and the Royal Danish Embassy’s commitment to ensure aid effeciency in Uganda.
“This agreement proves that we are ready to uphold the pledges made by our governments under the Paris Declaration and Accra Agenda for Action to increase donor co-ordination,†he said.
The agreement would foster the development of agricultural production through the provision of financial and technical support to farmers and agribusinesses working with maize, coffee and beans.
“Because the private sector is the key driver for economic growth and poverty reduction, USAID’s contribution to the aBi Trust aims at improving food security, employment and exports,†a statement released by the Danish Embassy last week said.
Nathalia Feinberg, the Danish ambassador, noted the aBi Trust gives the Ugandan agri-business sector a new agent.
“This will generate long-term results that are not possible to achieve during the life of the traditional development projects,†she said.
The aBi Trust is a catalyst that supports the Ugandan agricultural sector and a conduit through which a number of development partners and investors can build the capacity of the sector.
It also seeks to increase income for over 100,000 farming families by 25%. It targets women farmers and entrepreneurs and young people.
It also aims to expand financial services in Uganda. Thirty-eight new rural bank branches are expected to be established through this support.
Over 35,000 new loans will be extended to small-and-medium agribusinesses, according to the statement. The trust was founded by Uganda and Denmark and is overseen by a Board of Trustees.
The aBi Trust is a major shift in thinking about how agricultural development can best be supported in Uganda.