As stated by the FMO, as a greenfield NBFI, AFC has made progress in introducing products and processes to support its cocoa farmer client-base with appropriate financial services. With these operations up and running, the next challenge is to position AFC for the future and to (a) make operations more sustainable by diversification into different sectors, and through development of alternative products in order to minimize concentration risks; and (b) to contribute to the success of their clients’ businesses and livelihoods, with the aim of reducing credit risk, by offering deposit products and insurance services. The aim of this project is to do so by deepening AFC’s organizational strategy.
As stated by the FMO, Agronomika Finance Corporation (AFC) is a non-banking financial institution in the Philippines that was established by Kennemer Foods International in 2016. AFC will initially focus on providing loans to smallholder cacao farmers, both long term loans (for the establishment of new farms) and short term loans (to finance farm inputs).
No project contacts provided at the time of disclosure.
Financial Intermediary - Agronomika Finance Corporation:
Address: Unit 109, LDL Commercial Buiding, C.P. Garcia Highway (Diversion Road), Sasa, Davao City, Philippines
Phone: +63 82 232 8095
Parent Company - Kennemer Foods International, Inc.:
Address: 5th floor, La Paz Centre, Salcedo Street corner Rufino Street, Legazpi Village, Makati City
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/