{"id":395667,"date":"2011-04-25T06:29:24","date_gmt":"2011-04-25T06:29:24","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/25\/world-bank-hunts-for-farming-ventures-in-country\/"},"modified":"2011-04-25T06:29:24","modified_gmt":"2011-04-25T06:29:24","slug":"world-bank-hunts-for-farming-ventures-in-country","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/25\/world-bank-hunts-for-farming-ventures-in-country\/","title":{"rendered":"World Bank Hunts for Farming Ventures in Country"},"content":{"rendered":"
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Business Daily<\/a> (Nairobi)<\/p>\n

John Gachiri<\/p>\n

25 April 2011<\/p>\n

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The World Bank’s private lending arm, IFC, is hunting for investment opportunities in private agricultural enterprises to tap rising returns driven mainly by high food prices.<\/p>\n

The International Finance Corporation (IFC) says returns in agricultural enterprises currently vary between 15 and 30 per cent and the move will help the institution achieve its social aim of boosting food supplies.<\/p>\n

IFC plans to more than double its investments in Africa to Sh21 billion ($250 million) by 2013 from the current portfolio of $100 million.<\/p>\n

In Kenya, the organisation has an investment portfolio of about Sh420 million ($5 million) in diverse agricultural enterprises.<\/p>\n

“We work across the food supply chain, including processing, logistics, and distribution. The goal is to support the development of an efficient and competitive private agribusiness sector,” said Oswald Magwenzi, the IFC investment officer for agribusiness.<\/p>\n

IFC uses the strategy of financing already existing small and medium enterprises (SMEs) rather than funding start-ups.<\/p>\n

It says investing in financially and economically viable firms will have a bigger impact on reducing poverty, rather than betting on start-ups to achieve the same goal.<\/p>\n

The Kenya Institute for Public Policy Research and Analysis (Kippra), a think tank, says that the strategic investment in agriculture is expected since the effects of the food, fuel and financial (FFF) crisis that began in 2008.<\/p>\n

2008 saw the prices of fuel and food reach all time highs which coincided with the global financial crisis.<\/p>\n

Last year, a 90-kilogramme bag of green maize cost Sh3,300 in Nairobi and now costs on ShSh4,800, a 45 per cent increase.<\/p>\n

At the same period, a litre of petrol cost Sh84, today it is about Sh111, a 32 per cent increase.<\/p>\n

“The skyrocketing food prices depleted food stocks especially for wheat and rice,” said Dr John Omiti, a senior analyst and head of division (Agriculture) at Kippra.<\/p>\n

Maize was also affected but not to the same degree, he added.<\/p>\n

Developed economies, he said, are reaching the tipping point in production and focus is now on new frontiers such as Africa where there is the availability of land and labour.<\/p>\n

The need for financing this sector is being hurried by the political instability high prices of food are bringing.<\/p>\n

Mozambique, Uganda, Kenya have experienced food riots with fear they might spread to other countries in East Africa.<\/p>\n

IFC loans will inject at least Sh420 million with the money either being given directly or through financial intermediaries.<\/p>\n

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Business Daily (Nairobi) John Gachiri 25 April 2011 The World Bank’s private lending arm, IFC, is hunting for investment opportunities in private agricultural enterprises to tap rising returns driven mainly by high food prices. The International Finance Corporation (IFC) says returns in agricultural enterprises currently vary between 15 and 30 per cent and the move will help the institution achieve its social aim of boosting food supplies<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-395667","post","type-post","status-publish","format-standard"],"yoast_head":"\nWorld Bank Hunts for Farming Ventures in Country - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/25\/world-bank-hunts-for-farming-ventures-in-country\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"World Bank Hunts for Farming Ventures in Country - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Business Daily (Nairobi) John Gachiri 25 April 2011 The World Bank's private lending arm, IFC, is hunting for investment opportunities in private agricultural enterprises to tap rising returns driven mainly by high food prices. 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