Tag: AfDB Bank

AfDB grants US$70m to DRC for agro-industrial development

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DRC – The Board of Directors of the African Development Bank Group has granted a loan from the African Development Fund (ADF) of US$70.76 million to the Democratic Republic of the Congo (DRC), to implement the Program of support for agro-industrial development in Ngandajika (PRODAN). The Congolese government will further provide about US$22.37 million in counterpart for the execution of the program over a period of five years. More than a million people, half of which are farm households, live in this province where agriculture provides 65.5% of jobs. The…

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AfDB approves US$40m grant to further capitalise Development Bank Ghana to provide financing to agriculture sector

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GHANA – The Board of Directors of the African Development Bank Group has approved a grant of US$40 million from the African Development Fund to the Republic of Ghana to further capitalise The Development Bank Ghana (DBG), a newly established development finance institution in Ghana. The Development Bank Ghana is designed to provide financing to micro, small and medium sized enterprises as well as small corporates in agribusiness, manufacturing and information and communication technology (ICT). “The project to support the DBG is aligned with Ghana’s Beyond Aid Vision and supports…

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ETG Group receives US$150m financing from AfDB to strengthen its value chain

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AFRICA – The Export Trading Company (ETC) Group is set to receive a US$150 million financing facility from the African Development Bank (AfDB) aimed to address its working capital requirements and support its food production expansion plans across 10 countries in Africa, in a boost for smallholder farmers. The investment, approved by the Board of Directors of AfDB will take the form of a trade and agri-finance package comprising a US$75 million soft commodity finance facility to support the group’s pre and post shipment working capital requirements, with a particular…

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Green Climate Fund partners with IFAD, AfDB, ARC to promote climate resilience in Sahel with US$143m funding

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AFRICA – The UN’s International Fund for Agricultural Development (IFAD) has signed a US$143 million grant agreement with the Green Climate Fund (GCF) to ensure millions of the most at-risk rural people living in the Sahel region of West Africa can adapt to climate change. The new Africa Integrated Climate Risk Management Programme has a wide-reaching plan to restore degraded land and provide climate information systems and agricultural insurance, impacting about 5.4 million small-scale farmers in Burkina Faso, Chad, The Gambia, Mali, Mauritania, Niger and Senegal. It is also expected…

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Morocco secures US$131m loan from AfDB for sustainable agriculture

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MOROCCO – The Board of Directors of the African Development Bank (AfDB) has approved a new €114 million (US$131.89m) loan to Morocco to enable the implementation of the Support Program for the Inclusive and Sustainable Development of Agricultural and Rural Areas (Padidzar). According to the Moroccan High Commission for Planning (HCP), agriculture, which accounts for 15% of the national wealth produced each year before tourism and industry, is threatened by water stress. The phenomenon caused by drought is a consequence of climate change. In this context, the Padidzar aims to…

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AfDB issues US$10m equity investment to ARCH Cold Chain Solutions East Africa Fund to curb food waste

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EAST AFRICA – ARCH Cold Chain Solutions East Africa Fund (CCSEAF) has received a US$10 million equity investment from the African Development Bank, to support the development, construction and operation of greenfield cold storage, temperature-controlled solutions and distribution facilities in East Africa. In partnership with conglomerates in the region, the Fund will develop and operate as many as eight cold chain operations in Kenya, Tanzania, Ethiopia, Uganda, and Rwanda to reduce post-harvest losses, and the spoilage of processed food and medicines caused by a lack of temperature-controlled solutions. The Food…

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AfDB champions for more investments in Africa’s agriculture sector to boost food security

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AFRICA – The African Development Bank Group has raised a call for all African and global leaders as well as development organizations, to increase investment in agricultural technologies that boost Africa’s food production and food security in the face of climate change. The continent has immense potential to feed itself and to become a breadbasket to the world as about 65 percent of the Earth’s remaining uncultivated, arable land is in Africa. However, that potential is threatened by erratic weather extremes. It is also stunted because a majority of African…

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AfDB to equip 40 million farmers with modern, climate resilient technologies by 2026

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AFRICA – The African Development Bank (AfDB) has announced plans to reach over 40 million farmers with modern and climate resilient technologies in the next five years. According to the multilateral financial institution, its Feed Africa Strategy through its Technologies for African Agricultural Transformation (TAAT) programme has so far provided 11 million farmers across 29 African countries with proven agricultural technologies for food security. The AfDB maintained that food production has expanded by 12 million metric tonnes under the initiative while saving US$814 million worth of food imports. The President,…

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AfDB’s Special Agro-Industrial Processing Zones in Africa gets backing from financiers, developers

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AFRICA – The African Development Bank (AfDB) has continued to garner support from key financiers and developers in the establishment of Special Agro-industrial Processing Zones (SAPZ) across the region. During the first partnership meeting, the parties unanimously agreed that the initiative can trigger a fundamental change in Africa’s economic transformation. The gathering brought together representatives from development finance institutions, private developers of Special Economic Zones, and other key global and regional players in Africa’s agri-business sector to share insights on how agro-industrialization can create massive job opportunities, boost agricultural productivity,…

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AfDB unveil initiative to secure climate-resilient water and sanitation services in 5 drought-prone countries

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AFRICA – The African Development Bank, in partnership with the Nordic Development Fund and the Government of Denmark are seeking to roll-out a program to strengthen access to climate-resilient water and sanitation resources in Burkina Faso, Ethiopia, Mali, Niger and Somalia. The new initiative is set to enhance the sustainability of water systems through the construction or upgrade of existing infrastructure. Under the program, the partners will support feasibility studies to prepare bankable projects that contribute to increased financing for water, sanitation and hygiene services, improving human health, child education…

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