TADB partner with AGF to support agribusiness enterprises in Tanzania with US$20m financing

TANZANIA – Tanzania Agricultural Development Bank (TADB) has signed a Memorandum of Understanding with African Guarantee Fund for Small and Medium-sized Enterprises (AGF), that will allow the state-owned development financial institution to disburse up-to US$20 million worth of loans to agribusinesses in Tanzania. According to ACF, the partnership has come at the right time, as it is in line with the recently launched Five Year Development Plan 3 (FYDPIII) which aims at: increasing the country’s capacity for production; building a competitive economy that will stimulate the country’s participation in trade…

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Dwindling capacity of slaughter-ready animals in Namibia take huge bite in Meatco’s earnings

NAMIBIA – Meat Corporation (Meatco), a state-owned meat processing and marketing entity in Namibia, has reported a loss of N$118 million (US$8.21m) for the year ended January 2021 financial year. The dip in bottom-line performance is due to the dwindling number of cattle slaughtered during the period under review, dropping by 60% heads of cattle. According to reports by The Namibian, the huge slash of slaughtered animals has led to the meat processor earning N$873 million (US$60.75m) in revenue, compared to N1.78 billion (US$123.87m) realized in the previous corresponding period…

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South African sugar manufacturing giants RCL Foods, Tongaat Hulett expect rise in full year earnings

SOUTH AFRICA – RCL Foods, South African consumer goods and milling company expects its profit for the year ended June 2021, to exponentially rise by as much as 592%, boosted in part by strong recovery in sugar and baking segment. The owner of Selati sugar, Ouma rusks and Rainbow Chickens brands, indicated in a trading update that it expects its headline earnings per share to be at least 90 cents compared to 13 cents a year ago on a recovery in sugar and baking. Meanwhile, its earnings per share would…

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