Patrick Njoroge: Rural and agricultural finance in Africa
Keynote address by Dr Patrick Njoroge, Governor of the Central Bank of Kenya, at the Impact Investment Forum: African Rural and Agricultural Credit Association (AFRACA) 40th Anniversary, Nairobi, 21 November 2017.
Ladies and Gentlemen,
Good morning! Forty years is a milestone. Some argue that it is when middle age begins - you look back fondly at the things of your youth, but also look forward to using your experience and wisdom to achieve long-held goals. I am thus glad that you welcomed me to your birthday celebrations, and allowed me to share in such a significant moment.
In 1977 the African Rural and Agricultural Credit Association (AFRACA) was created in response to a request made to the United Nations Food and Agriculture Organisation (FAO), during the 1975 World Food Conference. This request, was that FAO assist developing member countries establish Regional Agricultural Credit Associations (RACAs). The purpose of this RACAs was to promote cooperation and facilitate mutual exchange of information and expertise in the field of rural finance.