Breaking News

AfDB approves $150m for agriculture purposes in AfricaLifestyle Nigeria

Ololade Omosan-Agie

The African Development Bank Group has approved a $150m facility for the ETC Group Limited to address the working capital requirements for the company and its agriculture value chain development in a boost for smallholder farmers.

The AfDB said the investment would be in form a trade and agri-finance package and comprises of a $75 soft commodity finance facility to support the group’s pre- and post-shipment working capital requirements, with a particular focus on export-oriented activities and another $75m agriculture value-chain programme to increase agriculture production and productivity, by providing improved agricultural inputs and agronomic advisory services to local farmers.

According to a statement, it said the ultimate beneficiaries of the intervention, would include smallholder farmers, a significant number being women and youth entrepreneurs across 10 African countries, whose productivity is expected to increase from the deployment of high-quality agricultural inputs.

The Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, said the bank’s investment into ETC Group would go a long way in contributing to food import substitution by allowing ETC to process and package agricultural products locally while increasing value-addition of export-oriented products.

Commenting on the development, the Director-General of the bank’s Southern Africa Region, Leila Mokadem, said, “The advent of COVID-19 has 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.”

About Editor

Check Also

CAC and SMEDAN Partner to Catalyse SME Growth and Create 10000 Jobs

The Corporate Affairs Commission (CAC) is making arrangements to partner with the small and mediumEnterprises …

Leave a Reply