AFEX launches commodity-backed instrument to act as funding bridge in agricultural sector

NIGERIA – AFEX Commodities Exchange Limited (AFEX), a private commodities exchange company, has announced the first financing deal with tech-enabled operations and a 24-hour fast cash turnaround for borrowers. Warehouse Receipt Backed Commercial Paper in Africa will bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-backed instrument – for the first time. With over US$50 million raised for Agri-SMEs, this financing deal will help eradicate the high cost of procurement incurred by processors by deploying a discounted value of a warehouse receipt distributed…

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TADB: FINANCING TANZANIA’S AGRICULTURAL FUTURE

Raising financial resources in Africa remains one of the biggest impediments to the growth and sustainability of agriculture – especially in Tanzania, which is one of the countries with the brightest prospects to boost agricultural productivity in the Continent. Tanzania Agricultural Development Bank’s Managing Director outlines how the Bank is seeking to change this narrative The transformation of Tanzania’s agriculture sector offers huge opportunities for acceleration of job creation, economic growth and poverty reduction – in a country with vast land resources, adequate water and fertile soils. Looking at key…

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DPI-backed CMGP partners with CAS to create pan-African agricultural platform

MOROCCO – Pan-African private equity firm Development Partners International (DPI) has signed Compagnie Marocaine de Goutte à Goutte et de Pompage’s (CMGP) landmark combination with Comptoir Agricole de Souss (CAS) to create a major new player in the Moroccan and African agricultural industry with combined sales of MAD1.6 billion (US$175.89m). CMGP is a leading African provider of irrigation solutions and water infrastructure headquartered in Morocco, with operations across Morocco and West Africa. CAS is one of the leading players in the agri-supply sector in Morocco, operating in three segments: irrigation,…

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Britain funds installation of solar powered cold rooms for vegetable vendors in Gambia

GAMBIA – The British government in partnership with Gambia’s Kanifing municipality has launched a project to set up solar powered cold rooms for vegetable preservation in the markets of this city in the west of country. The aim of British funded initiative is to reduce food loss, contribute towards food security in the small West African nation and encourage women to enter the vegetable trade. To this end, several markets in Kafing Municipality will be equipped with solar powered cold rooms- which are more economical to run compared to diesel…

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Liberia secures US$9.6m from CCAF to support climate resilient agriculture

LIBERIA – The Government of Liberia has secured US$9.6 million (about L$2 billion) from the Climate Change Adaptation Fund (CCAF) for a project aimed at developing a climate resilient agriculture in the country. The project “Building Climate Resilience in Liberia’s Cocoa and Rice Sectors” is an initative of the Environmental Protection Agency of Liberia. The project’s main aim is developing programmes to help developing the country adapt to the adverse effects of climate change. According to CCAF, Liberia is one of the African countries affected by climate change resulting to…

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UK based IT firm Zetogon invests in Nigerian agritech company AirSmat

NIGERIA– Zetogon, a UK based Information Technology company has invested US$100,000 in AirSmat, a Pan-African agricultural technology company to help the organization scale up operations even as it seeks to deliver world-class service in the African continent. AirSmat is a software company founded on the belief that drones will shape the future. The company aims to provide cutting edge software solutions to many industries that are willing to adopting drones into daily operations. According to a report by Disrupt Africa the Nigerian-based firm will use the funds to get its…

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USAID, PepsiCo partner to improve farmer livelihoods in Egypt

EGYPT – The United States Agency for International Development (USAID) and Chipsy for Food Industries, a PepsiCo Egypt company, have renewed a partnership that is aimed at improving the livelihood of farmers in Egypt. The partnership will work towards boosting the productivity of farmers and building a more transparent and sustainable potato supply chain.  According to a statement from USAID, the partnership empowers Egyptian smallholder farmers to establish reliable market linkages, increase crop quality and yields, and progress toward internationally recognized standards for sustainable agriculture. USAID further noted that they…

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Ivory Coast launches new hydro-agricultural dam to boost water supply for agriculture

Kandadji water and electricity management scheme

COTE D’IVOIRE – The Ivorian government has launched the construction of a dam in the council of Koro in the northwest region of Ivory Coast to boost water supply for agricultural activities in the region. The foundation stone for the dam was laid by the Ivorian Minister of Budget and State Portfolio, Moussa Sanogo, and the Minister of Agriculture and Rural Development, Kobenan Kouassi Adjoumani marking the start of construction work on the dam on the Yirima River. According to a report by Afrki21 the water reservoir located on the…

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Notore Chemicals records 6% rise in Q3 revenues despite of COVID-19 challenges

NIGERIA – Notore Chemical Industries Plc, one of the leading fertilizers and agro-allied in Africa, has released its unaudited results for Q3 of 2020, revealing a 6% rise in operating incomes. The agro-allied company that specializes in the supply of premium fertilizer and in agricultural extension services noted that it was able to record a rise in profits despite operating in a harsh economic environment occasioned by the COVID-19 pandemic. The company’s gross revenues stood at US$45.90 million in Q3 of 2020, a six percent year-on-year rise when compared to…

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Egypt secures US$12m from Saudi Arabia Grant Committee to agriculture, health, SME projects

Saudi Arabia Grant Committee

EGYPT – The government of Egypt has secured a total of US$12.37million (LE 200 million) from the Saudi Arabia Grant Committee to finance projects in agriculture health and SME sectors of the economy. Egypt’s minister of International Cooperation Rania al-Mashat said in a statement that three in the agricultural sector and two projects in the field of health care, and value chain support were approved for funding. Mashat explained that the Egyptian Agricultural Bank will obtain LE 100 million (US$6.18 Million) to finance three projects in coordination with the Ministry…

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