PS Trade Regina Ombam meets IFC on boosting Warehouse Receipt System Financing

The Principal Secretary for Trade Regina Ombam met with the Country Advisory and Economic Manager at the International Finance Corporation (IFC), World Bank Group Paramita Dasgupta.

During the meeting IFC Ms. Dasgupta apprised PS Ombam on the ongoing collaboration between IFC and the Warehouse Receipt System Council (WRSC) aimed at boosting the Warehouse Receipt System (WRS) financing to support structured commodity trading in the Kenya.

The WRS allows farmers to store their produce in certified warehouses and receive receipts that can be used as collateral to access financing.

The partnership which begun in April 2023 focuses on strengthening the legal, regulatory and operational framework of the WRS and it anchored on five key components including development of a legal framework, capacity building for stakeholders, ICT support, creation of a central asset registry, onboarding of financial institutions alongside advisory on WRS financing.

So far, through the collaboration a WRS Financing Manual has been developed, 14 financial institutions on boarded, drafting of a WRS Amendment Bill and sensitization on post-harvest losses management to farmers and other stakeholders.

The PS emphasized the importance of unlocking the WRS to ensure the system works not only locally but also internationally to tap into markets created by trade agreements including the AfCFTA, Kenya-EU and UK EPAs and the Kenya-UAE CEPA.

Present also was the Ag. CEO for WRSC Lucy Komen.