The African Development Bank (AfDB) Group and Export Trading Group (ETG) have inked a funding deal worth $ 100 million loan to financially support agriculture in Africa.
The loan is expected to promote employment for the young people and women, and adopt an integrated value-chain approach emphasizing access to regional and global markets.
Africa is facing a major food security challenge and continues to rely on food imports to fulfill ever-growing demand. The region spent more than $ 35 billion to import food in 2015 and net food imports are expected to exceed $ 110 billion by 2025.
As a Pan-African integrated agricultural production, processing, and trading firm, the AfDB says that ETG has the potential and is the right partner to support production, storage, transport, processing, logistics and the capacity to maximize synergies and efficiencies at all the stages of the value chain continuum.
The money will also be used for supporting fertilizer projects in Kenya and Zambia and help strengthen the processing Plants in Tanzania, Zambia, Mozambique, Togo, Ethiopia, Benin, Zimbabwe, Nigeria and Uganda among other countries.
It will also play a major role in supporting multi-commodity warehouses in Burkina Faso, Malawi, Zambia, Zimbabwe, Niger, Benin, Nigeria, Zambia and Ethiopia; and (iv) Silos in Zimbabwe.
The loan is expected to promote employment for the young people and women, and adopt an integrated value-chain approach emphasizing access to regional and global markets.
Africa is facing a major food security challenge and continues to rely on food imports to fulfill ever-growing demand. The region spent more than $ 35 billion to import food in 2015 and net food imports are expected to exceed $ 110 billion by 2025.
As a Pan-African integrated agricultural production, processing, and trading firm, the AfDB says that ETG has the potential and is the right partner to support production, storage, transport, processing, logistics and the capacity to maximize synergies and efficiencies at all the stages of the value chain continuum.
The money will also be used for supporting fertilizer projects in Kenya and Zambia and help strengthen the processing Plants in Tanzania, Zambia, Mozambique, Togo, Ethiopia, Benin, Zimbabwe, Nigeria and Uganda among other countries.
It will also play a major role in supporting multi-commodity warehouses in Burkina Faso, Malawi, Zambia, Zimbabwe, Niger, Benin, Nigeria, Zambia and Ethiopia; and (iv) Silos in Zimbabwe.