AFC INAUGURATES NEW BOARD OF DIRECTORS 2020

Friday 21st August, 2020. Agricultural Finance Corporation has inaugurated its new Board of Directors at the Corporation’s headquarters. This comes after the appointment of the new Board by President Uhuru Kenyatta through a Kenya Gazette notice issued on Friday, 7th August, 2020. The appointment gives a fresh impetus to the ongoing transformation exercise that recognises AFC’s key role in stimulating investment through agriculture. The Corporation has prioritized its efforts and resources towards driving financial inclusion in the agricultural sector to reach excluded segments of the population that have previously been unable to access its products and services. In this regard, the Corporation is building partnerships whose outcome is more responsive and inclusive models of service delivery, especially to women and youth. The new Board of Directors are expected to provide leadership and guidance to steer the Corporation through the transformation journey. Speaking during the inauguration, Hon. Franklin Bett, AFC Board Chairman observed that the President and the Government of Kenya has always allowed the AFC Board to work with independence and have remained supportive to the institution. This is starting to pay dividends, with a number of players both in the private sector and among development partners starting to show keen interest in working with AFC. “Already, the African Development Bank (AfDB) has committed sh. 1.9 billion in support of youth initiatives in the country. The funds will be hosted at AFC and will go towards lending to youth agripreneurs. In addition, the Corporation is in advanced discussions with the Arab Bank of Economic Development in Africa (BADEA) for a facility to operationalise AFC’s Islamic Finance Window,” he said. “AFC is also collaborating with a number of USAID funded programs in the country. These include the Kenya Investment mechanism, the Kenya Crops and Dairy Market Systems and the Livestock Market Systems project, through which the Corporation is leveraging an additional 1.2 billion shillings to Kenya farmers”. He further stated the desire of the Corporation to transform it into an Agricultural Development Bank. This will see the institution serve agricultural value chain players better and fulfil its key role in stimulating investment through agriculture. The new institution will be modelled around the success stories of agricultural banks in countries such as India, Malaysia, Thailand and China. Bett also thanked His Excellency the President for the appointments saying, that it was a great honour and his Board will articulate their responsibilities accordingly. The Board which comprises of persons from the public and private sectors is made up of ten members, representing various stakeholders in the industry. They are Hon. Franklin Kipngetich Bett, the Board Chairman, Ms. Rukia Rashid Gathyaka, Mrs. Rosemary Munio, Mr. Isaac Mundui Matu, Eng. Muriuki Karue, Dr. Zablon Ayiera, Mr. Luke Kangogo Kittony, Mr. Tobias Okong’o Osano, alternate director representing the Cabinet Secretary Ministry of Agriculture, Prof. Dulacha Barako, alternate director representing the Cabinet Secretary the National Treasury and Mr. Lucas Meso, AFC Managing Director.