He had at his side among other personalities, Dr. Akinwumi Adesina (middle) and Gilbert Fossoun Houngbo (far right), respectively president of the African Development Bank (ADB) and the International Fund for Agricultural Development (IFAD).
Komi Selom Klassou, the head of the Government that has delivered the inaugural speech, immediately relieved that MIFA today is "a pragmatic answer to the thorny problem of access to financing and farm credits that often encounter small agricultural producers".
The MIFA device; pointed him, "is part of the National Development Plan (NDP) and provides better leverage for fundraising for the achievement of sustainable development goals (SDGS)".
He noted for long times, the agricultural sector has been neglected in favour of other areas of activities in the light of certain risks.
These include the fragmentation of channels of agricultural value, the process and the complex procedures of the credit, the high costs of transactions, the inadequacy of funding, all compounded by the harmful effects of the climate change and its corollary bad seasonal distribution of precipitation
"To improve fast economic growth of the country for a redistribution in terms of jobs and the well-being of the people at the base, the MIFA connects the actors to perform better the sector, share the risks, grant credits: whether the manufacturers, processors, the structures of insurance, financial institutions, input suppliers and traders, MIFA is a guaranteed for producers", he said
The key figures to retain
The Minister of agriculture, Ouro - Agadazi Koura ensures that all Government and its partners (ADB, FIDA etc.) are committed to mobilizing the necessary resources (technical, material and financial) to facilitate the access to agricultural credit by small producers.
The president of the ADB, Akinwumi Adessina and Gilbert Fossoun Houngbo of IFAD provided their availability to support Togo in the implementation of the MIFA.
For the Government, MIFA will transform the Togolese agriculture to make it resilient to shocks and increase productivity.
Are targeted for this piloting phase, farmers of corn, cassava, and rice from Sadori, Blitta Notsé, Agou, Kovie and Agomeglosou.
MIFA also wants to increase bank lending to the agricultural sector, whose rate of 0.2% in 2017 should increase to 5 percent in 2027. Agricultural intensification of loans to small operators will achieve 50% of the total portfolio of financing to sectors.
Also, the mechanism provides to lower the interest rates of credit of 15% to 7.5% and 10.5% to Max minimum and impact 1 million producers, creating 250,000 jobs and 500.000 indirect jobs.
The phase pilot of the mechanism will last six (6) months and an assessment will be made in order to extend it to the whole country.