The World Bank Group’s Finance, Competitiveness & Innovation Global Practice (FCI) are seeing a strong global interest in using new digital technologies in various aspects of the economy. They would like to explore specific applications of new digital technologies for financing agricultural value chains for East Africa. Given the needs in agricultural value chains for traceability of commodities, improved logistics and improved access to finance, the question becomes how new digital technologies, including ioT, AI and blockchain technologies, may improve the functioning of agricultural value chains in terms of efficiency, transparency and security leading to better opportunities for finance. The team was tasked to address the following:
- What are some good examples of using new digital technologies in agricultural commodity value chains that particularly contribute to financing these value chains? (e.g. technologies that increase visibility for lenders).
- Where new digital technologies appear to be more suitable for improving access to finance, what does it take (key ingredients) to establish such a system?
- What are the roles of stakeholders and what could be done to help them develop new digital solutions to improve the financing of agricultural commodity value chain?