Coffee loans ready, says CS
Business
By
Nderitu Gichure
| Apr 06, 2020
The New Kenya Planters Co-operative Union (KPCU) has started disbursing coffee cherry advance revolving fund, Agriculture Cabinet Secretary Peter Munya has announced.
Mr Munya said KPCU is disbursing the Sh3 billion fund based on new coffee deliveries at the milling plant in Dandora.
He further announced that milling of coffee, which began in January, was on track and that the operations started as soon as Agriculture Food Authority issued KPCU a marketing licence.
Speaking at KPCU Dandora milling plant in Nairobi yesterday, Munya said the union had started negotiating with both local and overseas buyers to get best prices for farmers.
He noted that the new re-structuring at the union was being informed by the need to revitalise and turn the coffee sector around.
READ MORE
Is government on 'fuliza' mode?
Expert: The shilling has regained value, but don't expect it to last
EAC Central Bank Governors meet in Juba as single currency race debate heats up
Ruto to push for global finance reforms at World Bank meeting
Unearthing the artifacts of WWII: A journey through Matuu and beyond
Roam, County Bus Service partner to deploy 200 electric buses
Budget cuts loom for Parliament thanks to Sh9.6b Bunge Towers
Private sector partnerships important to catalysing sports
Tax stand-off as boda boda riders defy county call to pay
Islamic banking gets traction in Africa as Salaam Bank feted
“This will ensure farmers get a fair share from coffee contribution to the coffee value chain,” said Munya.
The fund, he noted, will give loans to farmers affiliated to various co-operatives at an interest rate of three per cent.
The government, he further said, was supporting farmers to access affordable inputs after negotiating prices of fertiliser down from Sh2,800 to Sh2,300 per 50kg bag of DAP.
“The union has signed an MoU with Kenya National Trading Corporation to distribute fertilisers to farmers,” the CS stated.
The national government, Munya added, will soon embark on refurbishing all factories, cooperatives and new KPCU.
“Ongoing reforms in coffee will continue,” the CS told farmers.
Munya said coffee farming will be affected by the Covid-19 crisis, but urged farmers not to lose hope.