By Wasike Elvis
East Africa Exchange Company(EAX) has partnered with ABC Bank and East Africa Farmers Federation to build a Warehouse in UasinGishu County to be used by farmers in co-operatives.
EAX Chairperson Jendayi Frazer said the facility to be built following the signing of a Memorandum of Understanding (MOU) between the three will help farmers in the region reduce post-harvest losses.
“The MOU we have appended our signatures to will enable farmers in co-operative societies store their grains in the warehouse at a subsidized rate until there is good market price for them to sell their grains,”she said.
Speaking during a stakeholder’s forum in Eldoret town, Ms Frazer said the facility will provide collateral services that will reduce drying and storage expenses that farmers have been incurring after harvesting their grain.
“Our aim is to ensure farmers benefit from their sweat at a minimal cost by using the warehouse that will accommodate 40,000 metric tonnes of grain,”she said.
In the agreement,ABC Bank will offer loans to farmers in co-operatives to cater for their post-harvest needs.
“We will give out Sh200 million in form of loans to farmers to use in post-harvest activities which include drying,harvesting among others at very minimal interest,”said the bank’s representative Lee Gachomba.
East Africa Farmers Federation CEO Stephen Muchiri urged farmers to embrace new technology since this will reduce cost of production and increase productivity.