With the loan, Ismael will plant 6-10 hectares of maize, soya, and cowpeas on part of the university’s farm plot. He hopes to use the profits to pay for his fourth and final year of university, which is not part of the scholarship, and to also develop a small piece of land he currently owns. He wants to eventually have his own agricultural business where he can help people who do not have an education by training them in agriculture.
More information about this loan
Kiva's support will finance the direct crop and services costs for each participating farmer, including financing their first small student plots. The loan will pay for all necessary inputs and associated services from end to end. These expenses include: seeds, fertilizers, and herbicides; land preparation, planting, and spraying; and harvesting, bagging, and transport of crops. An innovative component of the loan product is a weather insurance feature, which is covered by the interest fee on the loan. Weather index insurance is purchased on behalf of the farmers at the beginning of the planting season, and if aggregate rainfall in the critical months of January and February falls below a certain level, the farmers fully recover their direct crop costs.
About Africa Agricultural Development CompanyAfrica Agricultural Development Company (AgDevCo) is a nonprofit venture capital organization that invests to create successful agribusinesses. Their mission is to relieve poverty directly and indirectly by raising agricultural productivity for rural communities in sub-Saharan Africa, particularly by investing in smallholder farmers. Kiva’s support will finance the direct crop and services costs for each participating farmer, including financing their first small student plots.
AgDevCo joined Kiva through our Experimental Partnership Program, and has therefore received a lighter level of due diligence. Accordingly, loans associated with this partner carry a higher level of risk than typical Kiva loans.
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Success!! The loan was 100% repaid