New KPCU advances Sh125 million cherry fund loans to coffee farmers
Business
By
Boniface Gikandi
| Sep 23, 2024
Eleven coffee cooperative societies received Sh125.2 million Cherry Fund loans from new Kenya Planters Cooperative Union (New KPCU) in the latest allocation to boost production.
The amount was remitted by New KPCU between September 9, 2024 and September 16, 2024 to benefit 9,011 growers in 11 counties.
Top beneficiaries of the Cherry Fund were Barichu Cooperative Society in Nyeri which received Sh65.3 million and Kunyak in Kericho Sh10.8 million
New KPCU Chairman Daniel Kiprotich said they are fast tracking the release of the money to farmers to nurture their coffee trees.
The funds were shared among farmers in Baringo, Bungoma, Embu, Kericho, Kiambu, Kirinyaga, Kisii, Machakos, Meru, Trans Nzoia, and Nyeri counties.
READ MORE
Report: How Kenya's weak labour market hurts economy
Why Mbadi's budget review is all about lowering expectations
Kenya Police exit Confederation Cup with heads held high
Battle royale experienced at Interbank Golf event
Cheche: We have a big task at the World Cup next month
KCB's Karan Patel focused on clinching Burundi Rally
Africa Paves the Way for a Greener Future: Global Conference Highlights Ecosystem Revitalisation
Media urged to go digital to tap shifting consumer trends
Jail term, hefty fine for pastors with unregistered churches
Ambitious Awuor eager to leave a mark on her World Cup debut
Kiprotich said Nyeri county received the highest allocation of Sh70 million for 3,007 growers.
“These funds were allocated to both small-holder coffee estates and individual coffee growers and in two years farmers have utilised the kitty well to support increased production and quality,” he said.
New KPCU Chairman revealed that in the past two Cherry Fund disbursements Machakos has been leading in the utilisation of the kitty.
New KPCU has field officers in the counties who visit the farmers and recommend release of money compared to kilogrammes of cherry delivered for processing to various coffee factories.
Since inception of the Cherry Fund more than Sh5,4 billion has been disbursed to 399,248 farmers in 26 counties.
Nyeri county has benefited with Sh816.7 million for 77,565 farmers followed by Machakos with Sh621 million for 48,338 growers.
The government established the Sh3 billion Coffee Cherry Advance Revolving Fund to lend cash to farmers in a bid to revive the sector that was once a leading foreign exchange earner but is now in decline.
- A knock on the door saved my life: Woman narrates her fears after HIV diagnosis
- Kenya School of Law ordered to reconsider student's admission that it voided