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AfDB Approves $150m Facility to Boost Agriculture in Africa

Keen on boosting agricultural production in Africa, the African Development Bank Group (AfDB) has approved a $150m facility for ETC Group Limited.

According to AfDB, the facility would address the working capital requirements for the company and the development of its agriculture value chain.

According to a statement released by the bank, the investment would take the form of a trade and agri-finance package.

The statement noted that the initiative would include a $75m agriculture value-chain programme to increase agriculture production and productivity, by providing improved agricultural inputs and agronomic advisory services to local farmers.

“Comprising a $75m soft commodity finance facility to support the group’s pre and post-shipment working capital requirements, with a particular focus on export-oriented activities,” the statement read.

Remarking on the development, the Vice President, Agriculture, Human and Social Development, AfDB, Dr Beth Dunford, said working with an African agro-champion like ETC was critical towards achieving the bank’s developmental goal to support millions of smallholder farmers across the continent.

She added that the development would further contribute to increased agricultural production and food security.

On his part, the Vice President for Private Sector, Infrastructure and Industrialisation, Solomon Quaynor, maintained that the bank’s investment into ETC Group would go a long way in contributing to food import substitution.

The initiative, Quaynor added, will allow the organisation to process and package agricultural products locally while increasing the value-addition of export-oriented products.

Also speaking, the Director-General of the bank’s Southern Africa region, Leila Mokadem, explained that the advent of COVID-19 had caused major disruptions in agricultural value chains worldwide.

“The proposed facility would be a key enabler in supporting ETC’s build-back strategy on the African continent, in LICs and Transition states,” she added.

Meanwhile, the bank maintained that the ultimate beneficiaries of the intervention would include smallholder farmers, with a significant number of women and youth entrepreneurs across 10 African countries.

The post AfDB Approves $150m Facility to Boost Agriculture in Africa first appeared on AgroNigeria.

The post AfDB Approves $150m Facility to Boost Agriculture in Africa appeared first on AgroNigeria.

Sourced from Agro Nigeria

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