Rwanda acquires a US$1.1m grant from AfDB to expand its meat value chain

RWANDA – The African Development Bank (AfDB) has awarded a US$1.1 million grant to Rwanda to implement the country’s Meat Value Chain Trade Competitiveness Project. The Board of Directors of AfDB approved the grant which will help to expand the east African nation’s meat production value chain, enhance market access and cross border trade and increase the contribution of the sector to the Rwandan economy, highlighted the banks press-release. The grant is awarded from the resources of the African Trade Fund (AfTRA). AfTra is a technical assistance fund with the…

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Togo secures US$3m loan from AfDB to support agriculture sector in the wake COVID-19 pandemic

TOGO – The Republic of Togo has secured a US$3 million loan from the African Development Bank (AfDB) to support the county’s agricultural sector in the wake of the COVID-19 pandemic. The approval of the loan by AfDB’s board enables the funds to be channeled to the Togo Agro-Food Processing Project (PTA-Togo), for the purchase of fertilizers, organic pesticides and seeds for approximately 150,000 smallholder farmers. The implements according to AfDB, will help farmers to handle the effects of COVID-19 during the coming cropping season. Since the World Health Organization declared…

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African Development Bank to finance Angolan agricultural cooperatives

ANGOLA – African Development Bank (AfDB) is set to finance projects of two agricultural cooperatives in the municipality of Matala, Huíla province, South West of Angola with Akz 50 million (US$82,800). This was revealed by the project manager of the ministry of economy and planning, Manuel Maia, who stated that the attribution of the credit entails guarantees of land tenure and administrative organisation of the cooperatives, reports Angola Press. He added that the two cooperatives are functional, but there is “great” work to be done to address administrative problems and…

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AfDB approves emergency relief aid to tackle food insecurity caused by COVID-19 in Egypt

EGYPT – African Development Bank (AfDB) has approved a US$500,000 emergency assistance grant to Egypt to provide food relief and contribute to restoring the livelihoods of vulnerable populations severely affected by COVID 19. AfDB said that the intervention seeks to complement on-going activities by Egypt’s government to mitigate the effects of the COVID-19 pandemic on Egyptians. The emergency assistance will prioritize and contribute to critical interventions to ensure food security for all following the outbreak of the pandemic, which has left millions struggling to make ends meet. Since the World Health…

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AfDB approves US$1.5m emergency grant to curb desert locusts in Eastern Africa

EASTERN AFRICA – The Board of Directors of the African Development Bank have approved a US$1.5 million emergency relief grant to assist nine countries in the East and Horn of Africa on the control of swarms of desert locusts that are threatening livelihoods and food security. The proposed assistance will be channelled to the Intergovernmental Authority on Development (IGAD), which has been mandated to mobilize resources on behalf of the African Union. IGAD is collaborating with the UN’s Food and Agriculture Organization (FAO) which is leading coordination of development partner…

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DAL Group secures US$75m to improve food security in Sudan

SUDAN – The African Development Bank (AfDB) has signed an agreement with DAL Group, Sudan’s largest foods and agriculture business company, for the provision of up to US$75 million to improve the agribusiness sector, as well as leveraging private sector investments. The agreement is the Bank’s first private-sector loan to the East African nation. The Bank loan will contribute to DAL Group’s Investment Programme, part of the company’s strategic growth initiative for Sudan and the East African region. Under this programme, DAL Group aims to reduce the nation’s dependence on…

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Ghana to domestically process 50% of cocoa produce with US$600m AfDB facility

GHANA – Ghana, the second largest producer of cocoa in the world, has reiterated its commitment towards locally processing half of the cocoa that it produces. The Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo echoed the government’s stand after holding a closed-door meeting with Executive Directors of AfDB at the COCOBOD headquarters, in Accra. According to the Public Affairs Manager of COCOBOD, Mr. Fiifi Boafo, the meeting was a precursor to the final processes for the disbursement of the US$600m AfDB credit facility to finance crucial projects…

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AfDB to pump US$300m in the development of agro-processing zones in Nigeria

NIGERIA – The African Development Bank is planning to support the implementation of the Special Agro-Industrial Processing Zones project in Nigeria with US$300m. Senior Special Adviser on Industrialisation to AfDB President, Prof. Oyebanji Oyelaran-Oyeyinka, revealed AfDB’s plans at an SAPZ Inception Workshop in Abuja on Monday. The SAPZs are designed to concentrate agro-processing activities within areas of high agricultural potential. The zones, which are also expected to create jobs, boost food security and reduce food imports, will enable agricultural producers, processors and distributors to operate in one vicinity. Oyelaran-Oyeyinka, in…

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AfDB approves US$37.2m to fund high credit risk projects in Africa

AFRICA – Africa Development Bank Group (AfDB) through its concessional financing window, the African Development Fund (ADF) has approved loans amounting to US$37.2 million to cover related credit risk for projects such as agriculture and the small and medium enterprises (SME) in Kenya, Sudan and Senegal. The ADF provides low income Regional Member Countries (RMCs) with concessional loans and grants, guarantees as well as technical assistance for studies and capacity building in support of projects and programs that spur poverty reduction and economic development. “The board of directors of the…

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AfDB approves US$81.7m in funding for agricultural expansion in Sudan

SUDAN – The African Development Bank’s Board of Directors has approved a US$60m loan to Elnefeidi Group Holding Company in Sudan to help finance its long-term agriculture and food expansion programme. The loan is expected to contribute significantly to food security, food import substitution, and household incomes by creating jobs. It will also in turn increase local productivity and distribution by over half a million metric tonnes each year across several countries.   The planned expansion includes increasing agricultural productivity, enhancing related infrastructure, food processing and distribution. It will directly…

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