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Monday, February 29, 2016

MoFPED is ‘Home of Agricultural Finance in Uganda’

The Ministry of Finance, Planning and Economic Development (MoFPED) offices in Kampala, has been named the home of agricultural finance in Uganda, reports NaijaAgroNet.

The Secretary to the Treasury Mr. Keith Muhakanizi told correspondents that as the ‘Home’ for Agricultural Finance, the Ministry will among other things strengthen its coordination role at government level, hence relevant to agricultural finance development in Uganda.

In a joint statement the trio of NEPAD Agency’s Mwanja Ng’anjo, Making Finance Work for Africa Partnership’s Hugues Kamewe-Tsafack and Uganda Agribusiness Alliance’s Edward Katende, Mr. Muhakanizi was quoted as saying constituting a Taskforce to be chaired by the National Planning Authority, to among other things, guide the Treasury office in developing an institutional framework in MoFPED, for agricultural financing and the appropriate mechanisms to support this framework.

NaijaAgroNet gathered, the Taskforce will also design a work plan for the next year or so, which will inter-alia lead to the development of an agricultural finance policy and strategy for Uganda.

Members of this Taskforce include MoFPED, Ministry of Agriculture, Animal Industries & Fisheries, Ministry of Trade, Industry & Cooperatives, Bank of Uganda, Uganda Agribusiness Alliance (UAA) etcetera.

Responding, Erick Sile, the Agricultural Finance Advisor at NEPAD Agency, said “Designating a “Home” for agricultural finance is a commendable and outstanding achievement in Uganda, as coordination of agricultural financing issues would ultimately contribute to formulation of policies and strategies that create a conducive environment for private sector entities, which in turn will have the right incentives, to increase their participation in the transformation of agriculture in Uganda.” 

Moreover, coordination of the public sector actions in agricultural finance will contribute to the strengthening of coherent, sustainable and socially responsible agricultural finance policies and supportive underlying legal and regulatory systems.
+Naija AgroNet  +Remmy Nweke (ITRealms) 
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