Liberia’s fisheries sector receives US$40m support from World Bank to boost growth

LIBERIA – The World Bank has approved new financing to improve Liberia’s fisheries sector management and enhance the livelihoods of targeted beneficiaries and increase Government revenues. The Liberia Sustainable Management of Fisheries Project (LSMFP), funded by World Bank’s International Development Association (IDA) in the amount of US$40 million, comprising of US$20 million grant and US$20 million credit. The financing is aimed to improve conditions for fishermen and women, increase value addition for export, and help address economic vulnerability of the Liberian economy to climate change and vulnerability of food security.…

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B2B marketplace Vendease gets US$3.2m to help hotels, restaurants access food supplies in Africa

NIGERIA – Vendease, a Nigeria based online marketplace that allows restaurants and other food businesses to buy supplies straight from manufacturers and farms, has raised a seed round of US$3.2 million. The round was led by San Francisco-based venture capital firm Global Founders Capital and saw the partnership of Y Combinator, Hustle Fund, Liquid 2 Ventures, Hack VC and Soma Capital participated. Other individual local investors and early backers such as Paga CEO Tayo Oviosu, Remita CEO John Obaro and Magic Fund also took part in the round. The news…

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Brazil farmers plant more soybean incentivized by high domestic prices

BRAZIL – Brazil is expected to produce a record amount of soybeans as more farmers are incentiviced to grow the crop due to its attractive domestic price, according to the Foreign Agricultural Service of the US Department of Agriculture (USDA).  Area under soybean farming is estimated to grow to 40.5 million hectares for 2021/22, up from 39 million hectares in 2020/21.  As more acreage comes under the crop, USDA estimates production at 145 million tonnes, based on a yield of 3.58 MT per hectare.    This represents a six percent production increase compared to 137…

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China, Japan record uptick in milk production as Philippine’s appetite for imports rebounds

ASIA – Milk production in China and Japan is set to increase as more heifers enter production and productivity per cow improves, a new report by the Foreign Agricultural Service of the US Department of Agriculture (USDA) has revealed.  For China, raw milk production is forecast to reach 36.7 million metric tons (MMT), a 3 percent increase, as milk production per cow improves.  Other factors driving this uptick in dairy production, according to the USDA, include the addition of more dairy facilities and the expansion of the country’s dairy herd.  Whole milk…

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Finlays invests in new coffee extraction facility in UK to support new coffee drinking trends

UK – Independent B2B supplier of tea, coffee, and botanical solutions, Finlays is investing in a new coffee extraction facility in Nothern England to support emerging trends of consuming coffee.   According to a statement from the company, the new extraction plant in Hull will produce cold brew coffee for branded and own-label grocery and foodservice suppliers in 2022.  The site located next to Finlays Europe’s tea decaffeination facility in Hull will be able to handle a wide variety of packaging formats and would serve customers in Europe.  With the new facility, Finlays will…

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UK plant-based food players form alliance to act as a voice for growing plant-based food and drink sector

UK – The plant-based food and drinks sector in the UK will from now on start speaking in one voice following the formation of the Plant-based Food Alliance UK by some of the leading players in the industry.  Backed by Alpro, Oatly, ProVeg UK, Upfield, and The Vegan Society, the Alliance is on a mission to make the UK a global leader in plant-based food and drink.  The Alliance, which is expecting to expand rapidly, will be developing a UK plant-based food charter to outline how businesses and government can work…

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European parliament makes new proposals to improve farm to fork strategy

EUROPE – The European Parliament has released a report that outlines areas for improving Europe’s “Farm to Fork Strategy,” originally proposed by the EU Commission in May 2020.  In the report, Members of the European Parliament (MEPs) put an emphasis on greener food production and made proposals for binding targets for cutting back on pesticides, fertilizers, and antimicrobials in farming.  The Parliament also called for healthier food environments, urging the EU to regulate the marketing and advertising to children of food high in fat, sugar, and salt.   MEPs also want…

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SA online retailer Takealot to open massive new distribution centre in Cape Town in 2022

SOUTH AFRICA – South Africa’s E-Commerce retailer Takealot Group has embarked on the construction of a new distribution centre (DC) in Cape Town, expected to launch in August 2022. The 24,000 sqm facility consists of 22,000 sqm of warehouse space and 2,000 sqm offices, designed to provide Takealot with expansion options to add an additional 50,000 sqm of warehousing to the initial phase. The new DC is sustainably designed and will feature a dedicated solar PV installation, energy-efficient lighting systems, a rainwater harvesting system and water-saving xeriscape landscaping. The cross-dock…

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Food delivery service Glovo to inject US$4m in Ghana to beef up operations

GHANA – Glovo, a Spanish delivery startup is embarking on a key expansion drive in Ghana to ensure that its services are available to other parts of the country apart from Accra and Tema. The initiative is expected to see an injection of €3.5 million (US$4m) into the country by the company this year, according to reports by Business Insider. The announcement comes months after Glovo revealed it would invest an additional €50 million (US$60 million) over the next 12 months to drive expansion into more cities on the continent…

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OPEC Fund extends US$25 million credit facility to boost regional agricultural integration in Benin, Togo

WEST AFRICA – The OPEC Fund for International Development has signed loan agreements with the governments of Benin (US$15 million) and Togo (US$10 million) to support the Regional Program for the Integration of Agricultural Markets (PRIMA). The Program’s objective is to strengthen the agriculture and trade sectors to sustainably increase the income and food security of rural households. OPEC Fund’s loan will contribute to finance components of the coordinated regional program PRIMA in Benin and Togo, and is co-financed by the International Fund for Agricultural Development (IFAD) and the governments…

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