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AFC to restructure Sh8.7bn farmer loans

The Agriculture Finance Corporation (AFC) plans to restructure most of its Sh8.7 billion loans to give farmers who have defaulted a chance to repay following difficulties that have been occasioned by the Covid-19 pandemic.

AFC chairman Franklin Bett said they are creating provisions that will enable the agency to restructure the debt, which will be done on a case-by-case basis.

“We are creating provisions that could see AFC restructure most of its Sh8.7 billion loan book with farmers getting a moratorium on case by case basis,” said Mr Bett.

Commercial banks have also been restructuring customer loans for those who were unable to pay due to the pandemic.

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