Agri-tech startup Farmhut wins US$100,000 grant funding from Hult Prize

ZIMBABWE – Zimbabwean agri-tech startup Farmhut, has secured US$100,000 in grant funding after being selected as one of the winners of the annual Hult Prize competition. Farmhut is an AI-powered marketplace connecting farmers to markets that pay fair prices for  their produce and enables farmers to grow their business fast throughout the year, and ensures  consumers get fresh, local, and sustainably-grown food from small producers in their local area.  The company has been selected as one of 11 winners of this year’s Hult Prize, an annual, year-long competition that crowd-sources ideas from…

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Heifer International and Rwandan government announce US$10m investment in livestock farmers

RWANDA –  International development organization, Heifer International and the Rwanda Ministry of Agriculture have announced a partnership to invest more than US$10 million in livestock and training for 23,400 smallholder farming households geared towards improving incomes and food and nutrition security in Rwanda’s most impacted regions. In Rwanda, one fifth of the population is food insecure, and the average income per household is approximately US$3.11 per day in the 15 districts in Rwanda’s Northern, Southern, Western provinces where PRISM will be implemented. Through the partnership, Heifer International aims to support…

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OPEC Fund gives Burundi US$20m loan to strengthen food security

BURUNDI – The OPEC Fund for International Development (OFID) has signed a US$20 million public sector loan agreement with Burundi to co-finance a project that will improve food security, expand access to marketplaces and social services, and strengthen the resilience of agricultural production systems. More than 700,000 people in the central plateau region in Burundi are expected to benefit. Burundi is ranked 185th out of 189 countries on the 2020 United Nations Development Programme’s human development index, and eight out of ten people in the country live below the poverty…

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AfDB, FAO and South Sudan ink protocols for US$14m grant to boost agricultural markets

SOUTH SUDAN – The African Development Bank (AfDB) has signed protocols to disburse a US$14 million grant to the Government of South Sudan to boost agricultural markets in a project to be implemented by the UN’s Food and Agriculture Organization (FAO). The Agricultural Markets, Value Addition and Trade Development (AMVAT) project aims to enhance agricultural productivity and boost the marketing and trade of agricultural products in South Sudan. The project will be implemented by the Food and Agriculture Organization of the United Nations (FAO) in close liaison with the country’s…

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Zambia’s Good Nature Agro secures $2.1 million funding to scale up production

ZAMBIA – Good Nature Agro, a Zambian company working from end-to-end within the specialised legume value chains has closed Series A equity funding totalling $2.1 million. Goodwell Investments led the round with participation from existing seed investors Global Partnerships and FINCA Ventures. This investor capital will accelerate Good Nature Agro’s ability to build up essential value-add processing infrastructure in Central and Eastern Zambia, accelerate the growth of their full-farm extension services for smallholders and connect these farmers to large-scale agribusinesses and food processors seeking hassle-free sourcing as well as to…

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African Risk Capacity Ltd and insuretech Pula sign partnership to deliver agriculture index insurance

KENYA – The African Risk Capacity Limited (ARC Ltd) has announced a partnership agreement with Kenya’s insurance intermediary Pula to deliver best-in-class agriculture index insurance products to protect African farmers from climatic risks. Every farming season, African farmers are exposed to a wide range of climate risks including drought, excessive rainfall, pests and diseases, among several other perils that negatively affect their yields. As an aggregator specialising in meso and micro parametric insurance in agriculture, Pula provides the levers to connect participating farmers with regional insurance companies and global reinsurance…

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World Bank grants $80 million to Ethiopia for agriculture

ETHIOPIA – The World Bank and the Government of Ethiopia have signed an agreement that will see the Eastern African country receive $80 million grant. The deal was signed between the Ministry of Finance of Ethiopia and the World Bank on September 23, 2020 and is aimed at supporting the completion of projects started during the second phase of Agricultural Growth Program (AGP II). The Grant finance supports second phase of the Government’s flagship Agricultural Growth Program that aims at enabling smallholder farmers by creating job opportunities, additional income generation,…

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Microsoft partners with AGRA to digitize agriculture in Sub Saharan countries

KENYA – US software giant Microsoft has entered a Memorandum of Understanding with the Alliance for a Green Revolution in Africa (AGRA) to co-create technology solutions in agriculture. The collaboration between Microsoft through its 4Afrika initiative will support AGRA’s digital transformation as it works to improve food security for 30 million farming households across 11 countries by 2021. The MoU aims to encourage the use of big data and AI in the digital transformation of AGRA, working with the Kenyan government and expanding to Nigeria, Rwanda, Ghana, Tanzania, Uganda, Malawi…

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Tanzanian meat distributor acquires US$1.9m financing from TADB to boost production

TANZANIA – The Meat King Fish Distributor factory in Tanzania has clinched Tz4.5bn (US$1.9m) loan financing from Tanzania Agricultural Development Bank (TADB) to boost production and promote the welfare of farmers, herders and fishermen. The meat company suffered business loss between March and June due to the Covid-19 pandemic after the government ordered closure of hotels and other facilities in the hospitality industry. It is currently working hard to raise production in order to meet clients’ demands following reopening of the hotels and restaurants, reports Daily News. The loan, according to the…

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Mozambican oil and gas giant Exxon Mobil invests US$400K for agricultural advancement

MOZAMBIQUE – ExxonMobil Moçambique Limitada (EMML), one of the largest oil and gas producer in Africa is investing US$400,000 to promote agricultural advancement in Mozambique. EMML is undertaking the project on behalf of Rovuma Venture and the Area 4 partners. Rovuma LNG is a world-class development aiming to deliver reliable, affordable energy to customers and create long-term economic value for project partners and the people of Mozambique. The launched project is targeting to work with local farmers in Palma Sede, Northern Mozambique to build horticulture tunnels and provide supplies for drip…

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