.jpeg "AfBD increases farmers' access to fertilizers in Uganda with $2.9 million")
The bank stated that this would be done as part of the Fertilizer Financing for Sustainable Agriculture Management programme in a statement posted on its website on Sunday.
The African Fertilizer and Agribusiness Partnership will receive a grant of 877,842 million dollars from the Africa Fertilizer Financing Mechanism, as well as partial trade credit guarantees worth $2 million.
The project will help two wholesalers sell fertilizer with a value up to fifteen times that of the two million dollar partial trade credit guarantee during a three-year period.
Additionally, it would connect wholesalers to around 25 hub agricultural dealers and 125 retail agricultural dealers who will resell fertilizer to farmers.
According to the bank, the credit facility will lessen the risks connected with suppliers giving wholesalers credit for fertilizer loans.
It stated that the project was anticipated to increase yields and offer training to the 3.4% of targeted farmers, 40% of whom were women.
It stated that they would be utilizing enhanced seeds, nutritionally sound crop practices, and best farming methods.
Marie-Claire Kalihangabo, the coordinator for the Africa Fertilizer Financing Mechanism, said that around 2.5 kg/ha of fertilizer were used in Uganda.
According to Kalihangabo, the project will make it easier for farmers to access and apply fertilizer properly.
She expressed happiness since it will increase agricultural productivity and contribute to enhancing the nation's food security.
The project will enhance the Feed Africa Strategy of the Bank by boosting food security and production.
The Bank's Country Strategy Paper for Uganda 2023–2026 and the Sustain Africa initiative's accomplishments are both built upon.
She stated that "the project was approved on September 22."