Farmers in Taita Taveta county are set to benefit from a deal between the county government and the Financial Sector Deepening Trust Kenya, a move geared towards mitigating the ravaging effects of climate change.
The region is among eight other counties that are earmarked to benefit from the green financing project.
FSD Kenya chief executive Tamara Cook on Wednesday said the project dubbed Green Bond project targets to unlock the agricultural potential through inclusive financial markets in Kenya.
She said that the pilot project will help boost the region’s economy through support of the agriculture sector by linking small-scale farmers to the market.
“This presents an opportunity for counties to generate resources for the much-needed development of county infrastructure such as water piping, county roads and the development of the agriculture sector,” she said during a meeting with Deputy Governor Christine Kilalo at Mwatate.
Other counties listed for the Green Bond project include Vihiga, Nandi, Laikipia, Kisumu, Wajir, Nairobi, Embu and Makueni.
She said beneficiaries were selected based on representation from each region and regional bloc to ensure regional balance.
Cook said the project will be implemented through partnership between Capital Markets Authority, Nairobi Securities Exchange, ADA Consortium and Agusto & Co, among other partners.
To ensure smooth start of the project, Cook said, FSD-Kenya will train county officials and the private sector on opportunities in the bond market and green bond market regulatory framework, among others.
Kilalo welcomed the move, saying that the county is seeking partnership with investors and development agencies to help boost agricultural productivity and build resilience against climate change.
“We are experiencing an increase in population with a decrease in forest cover as a result of human activities. Our utmost wish is to have projects that will help mitigate effects of climate change,” the deputy governor said.
She further said the county is keen on exploring the public-private partnership for poverty alleviation through sustainable projects.
Kilalo cited lack of adequate and reliable funding as the main challenge hindering devolved units in the quest to respond to the adverse effects of drought.
(edited by Amol Awuor)