(Ecofin Agency) - The Kenyan subsidiary of Barclays Bank has just announced the launch of a unit dedicated to agribusiness. This business unit will be responsible for giving loans to small and medium enterprises (SME) of the agro-sector from a 30 billion shillings fund (1,000 shillings = USD 9.8)

Apart from financing SMEs, this new unit could also support more important projects such as the establishment of processing units through loans to big enterprises. Commenting on the method Barclays is hoping to implement via this unit, Jeremy Awori (photo), Managing Director of the bank declared: “We are setting up a multi-facetted approach which lies on providing financial solutions, opportunities to get access to the market and exchange of knowledge”.

The manager continued by indicating that his bank has retained the services of a team of agriculture specialists who understand the dynamics of this particular business. Their mission will be to offer the bank efficient financial solutions, capable of generating interest throughout the agriculture value chain.

Barclays had already shown its interest for the agro-sector by launching last month the African Young Agripreneurship Programme (AYAP). 240 agricultural companies owned by young people will benefit from this initiative of 25 million shillings, the result of a partnership with Technoserve.