Standard Bank pumps K340 million in smart agriculture
Standard Bank has pumped $450,000 (about K340 million) towards a smart agriculture initiative aimed at empowering women farmers in the country.
The amount is part of the $3 million (approximately K2.2 billion) the bank is committing towards the project implemented in Malawi, South Africa, Uganda and Nigeria, impacting 50,000 women.
Through the initiative, beneficiaries will get acquainted to modern groundnuts farming technologies.
Standard Bank Chief Executive Officer, William Le Roux made the announcement during launch of the project on Tuesday in Lilongwe at Gwiritse Cooperative in Nsalu.
About 10,000 female groundnuts farmers in Lilongwe, Mzimba, Karonga and Mchinji districts are expected to benefit through the intervention.
Le Roux said the bank is working in corroboration with United Nations (UN) Women in supporting women realise their goals through modern agriculture.
“Women form between 60 and 80 percent of the agricultural labour force. This contribution is even greater in agriculture, the single biggest employer in Malawi. In effect, no farming activity in this country can be successfully undertaken without our women,” Le Roux said.
UN Women Representative, Clara Anyangwe commended Standard Bank for supporting the project.
“UN women will execute the programme under its solidarity campaign dubbed ‘HeForShe’ which champions the advancement of gender equality,” Anyangwe said.
Director of Agriculture Irrigation and Water Development in the Ministry of Agriculture, Yanira Mtupamanja said the initiative is timely.
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