Angolan poultry farm seeks US$80m to double egg production capacity to 2 million eggs/day

ANGOLA – Pérola do Kikuxi farm, one of the largest integrated poultry producers in Angola is seeking US$80 million financing, supported by the Angolan central bank to expand its production capacity. According to reports by Angola Press, the financial boost will enable the company to recover its egg production capacity to one million eggs per day by January 2021, which had dwindled to 600,000 eggs/day in March due to the constraints imposed by Covid-19. The investment is further geared towards doubling the production capacity to two million eggs/day, starting in…

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IFAD to bolster Angolan small holder farmers’ projects with US$150m financing

ANGOLA — Angola has inked a US$150m financing agreement with the International Fund for Agricultural Development (IFAD), aimed to ensure national food security through the Smallholder Resilience Enhancement Project (SREP). The project will promote sustainable practices such as the introduction of drought-tolerant crop varieties, adaptation of cropping calendars and rainwater harvesting. It will invest in small-scale irrigation, increased access to water and climate-resilient farming practices. The agreement was signed by Angola’s permanent representative to the United Nations in Rome (Italy), Fátima Jardim, and IFAD president Gilbert Houngbo. The funding includes…

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Angolan Agrarian Development Support Fund to promote crop production with US$26.3m financing

ANGOLA – The Agrarian Development Support Fund (FADA) of Angola is set to inject Akz 15 billion (US $26.3million) in this year’s agricultural season to enhance crop production in the country through offering credit to family farmers. The funding will enable the farmers acquire agricultural inputs such as tractors, fertilizers, pesticides, production tools, agricultural seeds, as well as other means to guarantee the development of agriculture in better conditions, reports Angola Press. According to Carlos Fernandes, CEO of FADA, the financing will promote diversification of the economy and reduce imports…

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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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Angola extends period for tender application for state owned agro-industrial firms

ANGOLA – The Angolan Institute of Assets Management and State Participation (IGAPE) has extended the deadline for applications for the public tender of 12 State-owned agro-industrial companies to June 23 this year. IGAPE was created to manage the state’s financial assets and holdings, and carry out the privatisation and restructuring programme of the corporate public sector, according to a presidential order. The extension of the deadline is due to requests by various investors who were unable to visit the industry as a result of the sanitary cordon imposed in Luanda to curb…

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Angolan government fashions agribusiness firms with US$25.8m financing

ANGOLA – Three Angolan agribusiness firms have received financing totaling Akz 15.4 billion (US$25.8m) from the government initiative, Programme for Support to National Production, Diversification of Exports and Import Substitution (PRODESI). In the context of the economic diversification process, the Economic Commission of the Cabinet Council of Angola approved the PRODESI plan, a document which identifies projects and activities aimed at ensuring the achievement of the objectives and goals expressed in the National Development Plan (PND) for the 2018/2022 period. PRODESI is one of the 83 programmes of the PDN…

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Angolan brewery EKA to close operations on account of financial constraints

ANGOLA – Angola based beer company, EKA brewery is set to halt its operation this month, June, following piled up operational costs with the move to render more 147 people jobless. Speaking to ANGOP, the General Director of EKA Brewery, Marc Mayer revealed that the company faces huge finance issues, aggravated by difficulties in acquiring raw material and parts to maintain the machines. Marc Mayer explained that about 70 per cent of EKA’s revenues are used to purchase spare parts and raw materials without advancing billing data, a situation that…

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Angola’s largest agric park Quiminha cancels produce exports due to Covid-19

ANGOLA – The Quiminha Integrated and Regional Agricultural Project, a US$307 million agribusiness project has halted its plan to export bananas and potatoes to Europe due to the Covid-19 pandemic. According to Quiminha’s deputy director-general, Pedro Silveira, the cancellation was also as a result of non certification of the products, reports Angola Press. Quiminha was initiated in 2015 through an US$307 million planned investment as part of  the Angolan government to transform the country’s agricultural sector after decades of internal conflict that has resulted in a situation where most of…

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Nestle teams up with regional partners to launch youth-focused initiative in Africa

AFRICA – The multinational food and drink processing conglomerate corporation, Nestle in partnership with its regional partners has launched the Regional Alliance for YOUth in Sub-Saharan Africa. This joint effort is part of the company’s business-driven movement ‘Alliance for YOUth’ with a focus on creating and implementing employability programs, mentorship and training designed to equip young people with essential workplace skills. The alliance will combine the efforts of partner companies on hiring, skilling up and training young people by targeting tier three and four universities and vocational schools in and…

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AfDB approves US$1m grant to boost food and nutrition in Angola

ANGOLA – The African Development Bank has approved a grant of US$1million to boost children’s food and nutrition security program in Bié province, Central Angola. This follows the submission of proposal for the grant for Emergency Food and Nutrition Security in September by the government after a severe drought hit the province, aggravated by below-average and erratic rainfall. This plunged 2.3 million people into a food security crisis, among which 49, 131 are estimated to be children under the age of five suffering from malnutrition. The humanitarian condition in the…

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