The State Minister for Privatization and Investment Evelyn Anite has unveiled a visionary tapestry of hope, heralding the Agricultural Credit Facility (ACF) as the beacon to illuminate Uganda’s agrarian landscape.
The symphony of progress resounded across X, once known as Twitter, as stakeholders gathered to witness history in the making.
The Agricultural Credit Facility, birthed in 2009 through an incredible partnership between the Ugandan government, commercial titans, Uganda Development Bank, credit institutions, and Micro-Deposit Institutions (MDIs), emerged as a financial juggernaut.
With interest rates as tantalizing as 12% per annum, it placed over Shs800 billion within the grasp of both the intrepid small-scale farmer and the ambitious agribusiness tycoon.
Minister Anite, ablaze with fervor, declared the ACF the fulcrum for catapulting agriculture into the realms of commerce. “To fortify the backbone of Uganda, we bestow upon our people affordable credit and a gateway to market access,” Anite exulted, her words igniting a spark in every heart present.
Director of Finance, Richard Byarugaba, chronicled the meticulous craftsmanship behind the ACF’s design. A masterpiece forged in the crucible of collaboration between the Finance Ministry and financial institutions, it aimed to ensure that every Ugandan tilling the fertile soil would find their pot of gold.
Byarugaba, the herald of financial wisdom, proclaimed, “Money shall flow like a mighty river, swift and unyielding. We yearn for banks that recognize your essence, your integrity, your enterprise, and your liquidity. Access shall be your birthright!”
With the wisdom of Solomon, Byarugaba unveiled the ingenious alliance with banks, filling the gaps left by the Bank of Uganda’s branch network. The ACF’s tendrils reached far and wide, ensuring no farmer was left behind.
A seismic revelation shook the foundations as Byarugaba unveiled plans to rewrite the licensing laws for SACCOs, opening a direct conduit to the Central Bank’s treasury. The prospect of colossal cooperatives wielding this newfound financial might set the crowd abuzz with anticipation.
From the trenches of Equity Bank, Liz Kassede unfurled tales of heroism, empowering over 11,000 farmers with the ACF’s formidable arsenal. Micros, clutching Shs100,000, to SMEs brandishing a staggering Shs2 billion – this was the symphony of dreams woven with threads of prosperity.
Yet, the tale was not without its tribulations. Kassede bemoaned the disparity between dreams and reality, revealing Equity’s audacious target of extending 30% of its credit to farmers remained a tantalizing horizon.
In the saga of agriculture lending, Jimmy Ocen, the stalwart of Post Bank Uganda, emerged as a beacon of hope. Since 2009, over 600 loans, a treasure trove worth about Shs49 billion, were bestowed upon farmers, nurturing their growth from nascent seeds to towering oaks.
Chairman Morrison Rwakakamba, the torchbearer of Uganda Investment Authority, extolled the ACF as the golden key, unlocking a tidal wave of investment. Factories thrived, jobs bloomed, and the air was thick with the fragrance of prosperity.
With the ACF, Uganda’s agricultural odyssey surged towards a crescendo of triumph. Dreams sown in the soil now sprouted as towers of prosperity, redefining the very essence of Ugandan agriculture.
This was more than a revolution; it was a revelation, a testament to the indomitable spirit of a nation poised to ascend to the zenith of agricultural prosperity.
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