Agricultural Finance Corporation taps NOCK’s George Kubai to be its new Managing Director

KENYA – Development finance institution Agricultural Finance Corporation (AFC), has appointed George Kubai as its new managing director effective April 1 2021. Prior to his appointment, Mr Kubai was the General Manager, Downstream Operations at the National Oil Corporation of Kenya (NOCK). The new boss takes over from the lender’s Corporation Secretary Mrs Rose Ochanda who has been the acting Managing Director since the retirement of the long-serving CEO Lucas Meso who stepped down in October 2020 after almost 10 years at the helm. Announcing the appointment, AFC Board Chairman…

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Senegalese food-tech startup LADC, Nigerian digital food cooperative Pricepally get funding

WEST AFRICA – Senegalese food-tech startup Les Ateliers de Corinne (LADC), has secured an undisclosed amount of funding from WIC Capital, as Nigerian group-buying platform Pricepally undertakes pre-seed funding round. Launched in 2014 by Corinne Erambert, LADC specializes in digital culinary marketing, organization of cooking workshops and cake design. The investment will enable the Dakar based company to scale up by financing the acquisition of professional equipment, the recruitment of a professional team and the installation into new premises. “I am delighted with this partnership which reinforces the image and…

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KFC opens new outlet in Ghana featuring safe, convenient services

GHANA – Masco Foods, franchise owners of the KFC brand in Ghana has cut ribbon to its 20th store in Accra. The new store features KFC’s brand-new design, offering not only dine-in services but also takeaway, drive-thru and delivery options, in a bid to offer safe, convenient and seamless service to customers as the world continues to battle with the COVID-19 pandemic. The management of Masco Foods while opening the new outlet, took the opportunity to express their gratitude to the company’s staff for their relentless effort in ensuring that…

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South Africa restricts off-site alcohol sale over Easter weekend, BaSa slams the decision

SOUTH AFRICA – South Africa has announced a partial ban on the sale of alcohol over the long Easter weekend to stem the spread of the coronavirus. Addressing the nation, President Cyril Ramaphosa said alcohol fuels reckless behaviour, and for this reason, the government has banned the sale of alcohol that is taken away from the point of sale to be consumed elsewhere. The ban will be in effect from Friday, 2 April until Monday, 5 April, which is the duration of the Easter holiday. “The sale of alcohol for…

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World Bank issues US$375m financing to revitalize pastoralism in the Sahel region

AFRICA – The Board of World Bank’s Executive Directors have approved the new US$375 million IDA financing, to support the implementation of the second Regional Sahel Pastoralism Support Project, known by its French acronym PRAPS-2 (Projet regional d’appui au pastoralisme au Sahel-Phase 2). The project is aimed to improve the productivity and resilience of pastoral production systems in the Sahel region including in Burkina Faso, Chad, Mali, Mauritania, Niger and Senegal. Building on the successes of its predecessor (PRAPS-1), PRAPS-2 will pursue investments to establish more robust animal health systems,…

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Uganda Breweries Limited launches US$1m fund to revive bars from Covid-19 impact

UGANDA – Uganda Breweries Limited (UBL), subsidiary of East Africa Breweries Limited has officially rolled out its US$1 million Raising the Bar fund, aimed to support pubs and bars recover from the effects of the COVID-19 pandemic, once the government allows them to resume operations.  The initiative has been adopted from EABL’s parent company Diageo US$100 million kitty, launched in July 2020 across its different markets. In East Africa, the Kenya Breweries Limited (KBL) got the lion’s share receiving US$3 million while Uganda Breweries Limited and Serengeti Breweries Limited of…

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Ethiopia’s oil seeds production to marginally decline due to drop in sesame production

ETHIOPIA – Ethiopia’s oil seeds production i.e., sesame seed, Niger seed, and soybeans in marketing year 2020/21 (October to September) is estimated to reach 705,000 metric tons, slightly down by 0.3 percent over previous year. The production quantities of Niger seed and soybean during the period under review are estimated to increase by 2 and 14 percent, respectively, over last year’s level reaching 300,00 metric tons (MT) for Niger seed and 150,000 MT for Soybean. Expansion in planted acreage and improved yield due to good weather conditions are set to…

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Innscor Africa reports 45% growth in half year revenue boosted by improved performance across most categories

ZIMBABWE – Innscor Africa Limited, an expansive manufacturing and retail conglomerate in Zimbabwe, has reported 45% growth in half year revenue for the six months to December 2020. The rise from ZWL 19.1 billion (US$52.7m) of the corresponding period in 2019 to ZWL 27.7 billion (US$76.5m) was driven by strong volume performance across most units, the removal of subsidized pricing on certain core product categories, and pricing policies that were implemented to secure inventory replacement. According to the company’s financial statement, the operating environment was characterized by fragile macro-economic environment…

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Impact investor Root Capital to finance agribusinesses in Africa through US$35m DFC’s investment

AFRICA – Root Capital, a nonprofit impact investor offering farmers around the world a path to prosperity, has receives US$35 million support from the U.S. International Development Finance Corporation (DFC). The investment will provide financing to small and growing agricultural businesses in sub-Saharan Africa, Latin America, and Southeast Asia. This will help break the cycle of rural poverty, reduce food insecurity, and increase environmental sustainability, while responding to the COVID-19 related challenges facing smallholder agriculture. It will also advance women’s economic empowerment, with at least 50 percent of Root Capital’s…

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Global ingredient manufacturer Kemin becomes majority shareholder in Egyptian animal vaccine company MEVAC

EGYPT – Kemin Industries, a global ingredient manufacturer has expanded its presence in the global vaccine market by becoming a majority shareholder in MEVAC, an animal vaccine manufacturer based in Cairo, Egypt, and a shareholder in MEVAC’s sister company, UVAC. UVAC was established to produce foot-and-mouth disease and tissue-culture vaccines for animals, as well as human vaccines. As part of its investment in the two companies, Kemin will have access to a modern vaccine plant with production and R&D capabilities to support future growth. “We entered into a partnership with…

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