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EU supports farmers in Uganda with Yield Uganda Investment Fund

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Thursday, 18 October 2018

EU supports farmers in Uganda with Yield Uganda Investment Fund

The Yield Uganda Investment Fund has given Shs 5.14 billion to Central Coffee Farmers Association Ltd (CECOFA), a farmer-owned primary coffee processor. According to Yield, the fund is on schedule to close a further two agri-business investments over the remainder of the year 2018. This is the second investment by Yield Uganda Investment Fund, set up with financing from the European Union (EU) through the International Fund for Agriculture Development (IFAD) and National Social Security Fund Uganda (NSSF), managed by Pearl Capital Partners (PCP). Dr Edward Isingoma Matsiko, PCP Managing Partner said with this investment from Yield Fund, they believe CECOFA will be able to increase its trading volumes and efficiency levels in its operations and expansion plans. The business has enormous growth potential with increased purchases from smallholder farmers who will benefit economically from both certified and standard coffee He revealed that the investment aims at increasing the company’s capacity to source and export larger volumes of Robusta coffee from smallholders as well as increase the number of certified smallholder farmers. “And alongside Yield Fund’s investment, CECOFA will receive Business Development Support aimed at enhancing the technical and governance facets of the business, with the aim of enabling growth and self-sustenance in the future.,” said Dr Isingoma October 15. CECOFA is a primary processor of coffee that collects dried coffee beans (Kiboko cherries) from its network of approximately over 3,600 smallholder farmers organized through a co-operative structure. The beans are then cleaned, de-husked and graded into Fair to Average Quality coffee by CECOFA. The company, therefore, provides market access for farmer members by purchasing, aggregating and collectively finding a market through international coffee traders. Mr Ronald Buule, CECOFA Executive Director said they are expected to increase their impact on smallholder farmers particularly, women and youth by supporting them to attain Fairtrade and 4C certifications which will in turn, give them better price outcomes and economic empowerment.

Source: pmldaily.com