2015年-世界发展银行全球_Mali_Financial_Sector_Assessment_Program___Agricultural_Finance_18页_542kb

Summary of Financial Sector Assessment Program - Development Module in Mali

I. Context

Agriculture is a cornerstone of Mali's economy, contributing 40% to GDP and employing about 65% of the active population. However, it receives only 5.49% of overall private sector credit in 2014, significantly lower than its contribution to GDP. This low level of credit is largely focused on the cotton sector, which has seen a decline in credit share from 11.69% in 2011 to 10.94% in 2012, and further down to 5.49% in 2014.

The agricultural sector is highly volatile, influenced by weather conditions and political instability. The majority of farms are small, with 68% under 5 hectares and 86% under 10 hectares. Cereal production, particularly rice and cotton, dominates the agricultural landscape, while other high-potential value chains like mango and meat and dairy are underdeveloped and lack comprehensive data.

Mali's industrial base is underdeveloped, with only 500 industries compared to 4,000 in Senegal and 6,000 in Cote d'Ivoire. Despite government efforts to diversify the agricultural sector, public spending has mainly focused on increasing production in rice and cotton, leading to limited value addition and processing capabilities.

II. Suppliers of Agricultural Finance

Agricultural finance in Mali is primarily supplied by commercial banks and microfinance institutions (MFIs). Commercial banks, such as BNDA and BDM, tend to finance larger agro-industries, input suppliers, and traders, with BNDA being the main provider of agricultural credit. BNDA's shareholding reflects a commercial orientation with reduced government ownership and increased private involvement.

MFIs are crucial for financing small farmers and play a significant role in rural areas, with 53% of their loans directed towards smallholder agricultural production. They offer a more diverse range of financial products, including equipment loans, inventory credit, and leasing, in addition to production and marketing loans. The two largest MFIs, Kafo Jiginew and Nyesigiso, are particularly active in the cotton and rice sectors.

III. Public Support to Agricultural Finance

The Government of Mali (GoM) supports the agricultural sector through various programs, primarily via indirect channels. Key initiatives include:

• Rice Initiative: Launched in 2008, it aims to increase rice production by 50% through input subsidies and support for production and processing.
• National Fund for Agricultural Modernization and Development: Established to support the transition to a modernized and value-added agricultural sector. It has three components: Agricultural Development (60%), Loan Guarantees (30%), and Catastrophic Risk Management (10%).
• Tractor Subsidy Program: Announced in 2015, it provides 50% subsidies for tractors to farmers with at least 20 hectares of land, with the remaining 30% covered by loans from participating banks.

These programs aim to enhance productivity and support commercial agriculture, but they are constrained by limited resource mobilization and weak institutional capacity.

IV. Demand-side Constraints

Agricultural development in Mali faces several demand-side challenges, including:

• Poor Infrastructure: Limits access to markets and transportation.
• Highly Dispersed Clientele: Makes it difficult for financial institutions to reach and serve rural populations effectively.
• Low Value Addition: Agricultural production is mostly low input/low output, with limited processing and industrial capacity.
• Weak Marketing Systems: Lack of organization and coordination among stakeholders in value chains.
• Inadequate Training and Education: Farmers and agribusinesses lack the necessary business skills to develop viable projects.
• Lack of Reliable Data: Absence of quality statistics hampers planning and investment decisions.
• Unresolved Land Tenure Issues: Complex land ownership systems and concerns over land grabbing impede investment in large-scale agriculture.

V. Supply-side Constraints

Supply-side constraints in Mali's agricultural finance sector include:

• Limited Bank Branch Availability: Rural areas have fewer banking services compared to urban centers. In 2012, only 5.27% of the population had access to banking services.
• Geographic Dispersion: The low density of the population outside urban centers contributes to the lack of bank branches in rural areas.
• Institutional Weakness: Producer organizations often lack the capacity to manage and access credit effectively, leading to high default rates when banks lend directly to them.
• Need for Improved Financial Services: There is a need for more tailored financial products and services to meet the needs of SMEs and small producers.

VI. Recommendations

The Priority Matrix for Agricultural Finance Recommendations (Table 9) highlights the following key areas for improvement:

• Enhance Data Collection and Management: Improve the quality and reliability of agricultural data to support better planning and investment.
• Strengthen Institutional Capacity: Develop the managerial and organizational capacity of producer groups to improve access to credit.
• Promote Diversification of Agricultural Value Chains: Focus on developing non-cotton sectors like rice, mango, and meat and dairy.
• Expand Financial Inclusion: Increase the availability of bank branches and financial services in rural areas.
• Improve Risk Management Systems: Develop effective mechanisms to manage agricultural risks and enhance security for investors.
• Support SMEs and Small Producers: Encourage the development of integrated financial services for small and medium enterprises.

These recommendations aim to enhance the efficiency and inclusiveness of agricultural finance in Mali, supporting sustainable growth and development.