OPEC Fund loans US$65M to DR Congo and Senegal to boost food security

AFRICA – The OPEC Fund for International Development is providing two loans totalling US$45 million to help increase the supply of potable water and boost food security in the Democratic Republic of Congo (DR Congo). The OPEC Fund has also signed a US$20 million public sector loan agreement with Senegal to co-finance a project that will boost food security and incomes for around 300,000 people, with a strong focus on women and youth. For DR Congo, a US$30 million loan will support the Ozone Water Supply Project to provide around…

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Nespresso launches Kahawa ya Congo in the US through its Reviving Origins program

DRC – Nespresso, the coffee operating unit of the Nestlé Group has launched a new range of organic coffee, Kahawa ya Congo, in the US, sourced from the fertile volcanic slopes of eastern Democratic Republic of Congo, under its unique Reviving Origins program. The Reviving Origins program is an integral part of the Nespresso AAA Sustainable Quality Program, the brand’s sustainable sourcing model in coffee producing countries. Launched in 2019, the CHF10 million (US$10.3m) program is set to run for five years (2019-2023) and aims to restore coffee production in…

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Feronia sells stake in DRC palm oil subsidiary to investment company KKM

DRC – Feronia Inc. an agribusiness company operating in the Democratic Republic of the Congo (DRC), has entered into a definitive purchase agreement with Straight KKM 2 Limited (KKM) to sell its equity interests in its operating subsidiary, Plantations et Huileries du Congo (PHC). PHC is Feronia’s palm oil business which it acquired from Unilever in 2009. It produces crude palm oil (CPO) and palm kernel oil (PKO). KKM is an entity incorporated in Mauritius primarily owned by a number of funds for which Kuramo Africa Opportunity Offshore Fund II…

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IFAD finances US$130.4m program in DRC to build resilience of small-scale farmers

DRC – The Democratic Republic of the Congo (DRC) has partnered with the International Fund for Agricultural Development (IFAD) to undertake the US$130.4m Inclusive and Resilient Rural Development Programme (PADRIR), targeting to better nutrition in the country and build resilience for small-scale farmers. The programme funding includes a US$26.6 million loan and US$9.8 million grant from IFAD. In addition, the government of DRC is providing US$14.7 million, with a further US$3.3 million contributed by beneficiaries themselves. International co-financiers and development partners have committed a total of US$75.9 million. The financing…

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Germany injects US$54m to support small-holder farmers in Congo

CONGO – The German Federal Ministry for Economic Cooperation and Development (BMZ), through the German Development Bank KfW, has contributed EUR 50 million (US$54 million) to a resilience building programme to be implemented by FAO, UNICEF and the United Nations World Food Programme (WFP) in the east of the Democratic Republic of the Congo (DRC). The programme was launched on 4 March in Goma and on 6 March in Bukavu by the Governors of North and South Kivu, senior representatives of WFP, FAO and UNICEF, representatives of the respective provincial…

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Simbisa Brands full year profits increases 134% amid economic hardships

ZIMBABWE – Zimbabwe’s Quick service restaurant (QSR) group, Simbisa Brands Limited’s profit for the year ended June 30, 2019 jumped by 134% to US$32 million despite a decline in total customer count. Zimbabwe, which is its largest market has been going through inflationary pressures, foreign currency challenges which led to erosion of consumer spending as prices of goods and services skyrocketed. This led to the fast food giant suffering a net foreign exchange loss of ZW$2.7 million (US$7,400) as it experienced technical challenges regarding compliance with the applicable accounting standards,…

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Zambia to export 600,000 metric tons of maize to DRC in 2020

ZAMBIA – Zambia has signed an agreement with the Democratic Republic of Congo that will see the country Export about 600,000 metric tons of Maize and meali meal to the DRC starting in 2020. The Memorandum of understanding is aimed at Commercialising maize exports to the DRC which has been smuggled for a long time and the agreement will ensure that a well-structured regime is put in place to promote trade. Zambia’s Minister of Agriculture Michael Katambo emphasised that exports in maize and maize products will commence next year after…

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Zambia, DRC to sign maize supply pact to ease shortage

ZAMBIA – The government of Zambia has unveiled that it is set to sign a Memorandum of Understanding with the Democratic republic of Congo (DRC) that will see Zambia export maize to the Central African country. The Zambian government says it is capable of supplying 1.3 million metric tonnes of maize to the DRC to enable the country meet supply maize deficit, reports Lusaka Times. According to the acting Minister of Commerce, Trade and Industry Moses Mawere, the government MoU will also facilitate for trade of agriculture products. He unveiled…

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