Soy Fast Track Fund started
To upscale and accelerate responsible soy production and trade IDH has recently set up a Soy Fast Track Fund. Today IDH signed a contract with Solidaridad that is going to act as the project manager of the Soy Fast Track Fund. Jeroen Douglas (Solidaridad) en Joost Oorthuizen (IDH) just after the siging ceremony at IDH.
The Soy Fast Track Fund will leverage investments of producers, processors and/or buyers to increase volumes of responsible soy in the coming years. The driving mechanism is match funding private investments to a maximum of 50%. Those private investments can also be extra buying costs and or investments in (e.g.) good agricultural practices training.
Projects will be proposed by supply chain actors itself. The Solidaridad Latin America has been identified to be the project manager of the fund. The Fund project manager will help supply chain actors to define relevant projects. The Fund will match investment to come to RTRS production. A GAP analysis was performed early 2011 and facilitated by IDH to understand what soy farmers still have to do, learn, organize or invest to become RTRS certified. These results are guiding in the different measures the Fund will helping in support of producers.
Financial and agricultural services
To create more incentives for soy producers IDH is aligning with international and local banks and local producer organizations. Together they work to enhance preferential access to (better) finance and agricultural services that will be improved for farmers who are legally compliant and certified.
To legally protect tropical rainforest or other High Conservation Value Areas (HCVA’s) they need to be mapped out first. IDH will actively support RTRS, WWF and others in the mapping of HCVAs. The Fund will finally also give support to the outreach program of RTRS.