‘Show bankable projects to unlock funding’

Agricultural colleges and research institutions must develop bankable projects as a way of unlocking investments and funding for its compatible development.

Deputy director of Agriculture Education and Farmers’ Training Mr Francis Borgia Vengai, said this last week at a workshop for the Climate Smart Agriculture Manual, Training of the Trainer Programme at Gwebi and Kushinga Phikelela Agriculture Colleges.

Unlocking investment in main sectors, is a key in driving sustainable inclusive economic growth during NDS1 period as the Government is prioritising a swift implementation of the ongoing ease of doing business reforms, combat corruption and drive investment in key infrastructure enablers.

Unveiling financial investment especially in agriculture sector is one of the significant pillars of macro-economic stability and financial re-engagement, inclusive growth, provision and expansion of key infrastructure and utilities as well as social development in line with the Vision 2030 agenda.

In order to climate-proof agriculture, irrigation rehabilitation and expansion, promotion and adoption of research that improves productivity of seed and animal varieties, up scaling of climate smart agriculture and capacitation of extension service workers must be prioritised.

Mr Vengai said principals, lecturers and students in agriculture and research institutions have to develop bankable projects which will unlock financial investments for the development of their colleges.

“It is important that as we mainstream climate smart agriculture manual training into relevant development frameworks, capacity to develop bankable projects for accessing the much need agriculture finance will be enhanced.

“Many agriculture colleges are facing challenges of funding and we want them to invest more in developing project proposals which will attract funding and investors. Which in the future will be conditional to the country having systems in place to effectively utilise the resources towards economy wide climate and agriculture action,” he said.

Mr Vengai said by unlocking financial in agriculture will speed-up the national targeted economic growth of five percent per annum.

“Targeted sustained economic growth of five percent per annum will be most driven by agriculture, followed by mining and industry coupled with structural reforms aimed at collapsing all bottlenecks and improving economic efficiency.

“By unlocking finance in agriculture development especially in institutions specific interventions will materialised such as improving food security by driving production across sectors and resolving security of land tenure issues, moving the economy up the value chains through increased domestic production and productivity, efficient infrastructure delivery and poverty reduction,” Mr Vengai said.

He added that bankable projects will makes agriculture an attractive sector for investment, as it (investments) will often lead to multiple development benefits.

“Another important benefit of developing bankable projects is that it promotes financial inclusion. In particular, it offers an opportunity to expand the financing space for agriculture by improving efficiency, ensuring repayments, and consolidating linkages among participants in the chain.

“Bankable projects in agricultural colleges will promotes specialisation and enhances productivity and investments. It also seed-up the application of modern technology, supports the increasing transformation and commercialisation of agriculture that underlies the sector’s sustainability.”

Principal climate change scientist in the Ministry of Environment, Climate, Tourism and Hospitality Industry Mr Tatenda Mutasa said unlocking finance in agriculture sector will expedite the implementation of mitigation and adaption actions in the country.

“Unravelling finance in agriculture sector will enhance the implementation of identified mitigation and adaptation action as guided by the National Climate Change Policy and the National Climate Change Response Strategy.

“Climate finance which can be unlocked for climate action in agriculture is the mainstreaming of climate resilience in the operations of financial institutions and investors. Investments from the private sector are needed to scale up climate-smart agricultural practices, hence colleges must develop bankable projects. The innovative financing mechanisms are crucial in realising the potential of agriculture for adaptation and mitigation,” he said.

Mr Mutasa said agriculture institutions must invest in agribusiness to improve markets for farmers and to boost the countries’ economies.

“Again agricultural colleges needs to promote agribusiness to leverage its potentials in agriculture to enhance its export competitiveness. This is because the global market has become very demanding for high quality products, including environmental safety, and traceability, which can only be met through the value chain process.

“Agricultural value chain development will also contribute to improving growth and reducing poverty by creating economic opportunities (through improved business environments and access to larger regional and global markets); enhancing the options for the poor and empowering them to be able to seize the opportunities (through availability of finance, access to technology and capacity building as well as increased productivity of the poor’s most valuable asset, which is labour); and addressing the risks and vulnerabilities of the poor farmers’ that can wipe out their assets or affect their ability to work or run an enterprise.”-herald.cl.zw