Incofin invests EUR 2 million in PEBCo-Bethesda in Benin. The funding comes from the Agricultural Liquidity Fund (ALF) and is a testament to Incofin’s dedication to advancing sustainable agriculture and climate resilience through financial inclusion. This resonates deeply with Benin, a country where agriculture sustains livelihoods and contributes 30% to GDP.
With more than 70% of its population relying on agriculture, the importance in Benin of agriculture cannot be overstated. Established in 1996, microfinance institution PEBCo Bethesda Benin has emerged as a catalyst for change, with a core mission to empower low-income communities, particularly women, in this agrarian landscape.
It facilitates farmers to purchase seeds and other inputs and supports the necessary investments to ensure revenue generation. This approach not only enhances the financial prospects of individuals but also contributes to the broader economic development of the populations it serves.
Comprehensive financial services
PEBCo’s efforts encompass a range of financial and non-financial services, including savings, agricultural loans, education loans and green loans for the acquisition of solar panels, among others.
Confronting climate challenges
However, Benin, like many other countries, grapples with the adverse effects of climate change. In recent years, unpredictable and erratic weather patterns, marked by floods and droughts, have cast a long shadow over the agricultural sector in Benin. It has not only imperiled food security but also jeopardized the livelihoods of countless individuals.
PEBCo has enlisted the expertise of an agricultural specialist to assist the MFI and its client sin adapting to and mitigating climate risks. This proactive approach underscores its commitment to safeguarding the interests of its borrowers and promoting sustainable farming practices.
Incofin, committed to inclusive progress and sustainable agriculture
Incofin’s debt investment of EUR 2 million in PEBCo originates from the Agricultural Liquidity Fund. The fund seeks to support actors in the sustainable agrifood value chain. This investment reaffirms Incofin’s commitment to fostering agriculture in Africa and the belief in PEBCo’s pivotal role in this endeavor.