Heifer pledges $3.5mn to support tractor financing in Africa
Mazino Dickson, Abuja
Heifer International has pledged $3.5 million to support tractor financing for African farmers.
The funding -tagged Tractors 4 Africa Project – is expected to increase mechanization of smallholder farmers, promoting increased food security and entrepreneurship across Africa.
The investment is being deployed through Heifer International’s Tractors 4 Africa project.
“Increased mechanization – and tractors in particular – are vital as smallholder farmers scale up their production and build profitable and sustainable farming businesses,” said Pierre Ferrari, President and CEO of Heifer International.
“We are particularly impressed by 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 run by Heifer International.”
The funding announcement comes a fortnight after Heifer launched of Hello Tractor’s innovative Pay-As-You-Go (PAYG) Tractor financing for agri-entrepreneurs in Nigeria with $1 million.
But this new announcement now takes the organization’s investment in catalytic funding for tractor financing in Africa to $4.5 million.