AfDB partners with fertilizer giant OCP Africa to undertake US$4m agribusiness project in West Africa

WEST AFRICA – The African Development Bank (AfDB) through the Africa Fertilizer Financing Mechanism (AFFM) has partnered with OCP Africa, a subsidiary of the OCP Group to undertake a US$4 million project, geared towards increasing fertilize access by farmers in Ghana and Ivory Coast.

The AFFM managed by AfDB focuses on to improving agricultural productivity by providing financing required to boost fertilizer use in Africa to achieve the target of 50 kg of nutrients per hectare.

ADVERT

Under the US$4 million partial trade credit guarantee, OCP Africa and the AFFM will each contribute US$2 million.

The project is expected to boost productivity and help increase rice and maize yields by 35% in Ghana and rice yields by 30% in Côte d’Ivoire.

“The project will contribute to the Bank’s efforts to increase smallholder famers’ access to modern farming inputs in order to increase productivity and promote agriculture as a profitable and sustainable business in Africa.”

Director of Agriculture and Agro-industry at the African Development Bank – Martin Fregene

Other than facilitating access to fertilizer, the project is aimed to reduce potential risks along the agricultural value chain as well as provide training in good agricultural practices in the West African countries.

The three-year initiative (2020-2023) is targeting to support 430,000 smallholder farmers, including 104,000 women.

ADVERT

“The project will contribute to the Bank’s efforts to increase smallholder famers’ access to modern farming inputs in order to increase productivity and promote agriculture as a profitable and sustainable business in Africa,” said Martin Fregene, Director of Agriculture and Agro-industry at the African Development Bank.

The project will build on OCP Africa’s Agribooster, an initiative that relies on an inclusive approach to provide farmers access to quality inputs, training, finance and market linkages for increased yields, incomes and livelihoods.

“We believe at OCP Africa that this initiative will serve as a model to further incentivize other private and development partners to enter into similar risk-sharing agreements that will have a positive multiplying effect on farmers, especially in the current context of COVID-19, which poses a serious threat to their welfare as well as to food security, inputs and agricultural know-how,” said Lahcen Ennahli, OCP Africa’s Senior Vice President for West Africa.

Being in line with the national development programs of the two countries, the undertake will support the implementation of the national rice strategy in Cote d’Ivoire, as well as the Planting for Food and Jobs program in Ghana.

Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.