This financing agreement was signed yesterday by Finance minister
This is contained in a statement issued by head of the IFAD communications division, David Paqui.
Dr Nwanze said that investments like these would be promoted by strengthening and diversifying rural financial services.
"Currently only about 37 per cent of the adult population use financial services, and only 14 per cent of them have bank accounts," he said.
He said the new Rural Finance Expansion Programme is designed to help 140,000 rural households by increasing their access to and use of sustainable financial services.
Dr Nwanze added that the programme would target small entrepreneurs and small-holder farmers, while paying particular attention to women and young people.
"In addition, it aims to enhance the capacity of financial service providers to deliver demand-driven services in rural areas and this will help increase in the number of adults using financial services, and reduce the cost of borrowing," he said.
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