Heifer boosts tractor funding with an additional $3.5 million

James Emejo

International development organization, Heifer International yesterday announced additional funding of $3.5 million for its Africa Tractor Funding Initiative.

The funding increase came just two weeks after it committed $1 million to launch Hello Tractor’s innovative Pay-As-You-Go (PAYG) tractor financing for agribusinesses in Nigeria.

The additional financing brings Heifer’s investment in catalytic finance for tractor financing in Africa to $4.5 million, a development that is expected to accelerate the pace of agricultural development on the continent.

Announcing the additional funding at a conference with journalists in Abuja, Heifer International President/Managing Director Mr. Pierre Ferrari said: “Increased mechanization – and tractors in particular – is vital as smallholders farmers increase their production and build profitable and sustainable projects. agricultural businesses.

“We are particularly impressed with Hello Tractor’s Pay-As-You-Go tractor financing model, an innovation that emerged from the AYuTe Africa Challenge, an agritech competition for young entrepreneurs organized by Heifer International.

Earlier at a stakeholder forum in his honour, Ferrari said he was impressed by the enthusiasm shown by smallholder farmers, booking agents, tractor drivers and tractor owners to transform the agricultural landscape in Nigeria and other African countries.

The new capital injection will finance an additional 75 tractors in Nigeria, Kenya and Uganda and provide affordable access to tractor services to 872,250 smallholder farmers at an affordable rate, which will boost agricultural productivity, employment, security food and farmers’ livelihoods over the next ten years.

The investment will create 6,979 new jobs as booking agents, tractor drivers, technicians and tractor owners over 10 years.

According to Ferrari, “Africa has the lowest number of tractors per farmer in the world and therefore yields per hectare are low. Small farmers do not have access to tractors and this is something we want to change. We encourage our partners and the donor community to join Heifer International in this journey.

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