The Norwegian Agency for Development Cooperation (NORAD) has granted a US$10.15mn funding to the Africa Fertilizer Financing Mechanism (AFFM), enabling it to provide credit guarantees for up to 36 months for the large-scale supply of fertiliser in Uganda, Kenya and Mozambique
According to a report by Post Online Media, the contribution by NORAD will greatly support the African Emergency Food Production Facility, an initiative launched by the African Development Bank (AfDB) Group to address Africa's ongoing food crisis.
The rise in fertiliser prices have largely contributed to the fall in supply, in turn lowering accessibility and threatening agriculture production in the continent. Therefore, the role of AFFM is to strategise on innovative financial solutions to enable Africa to access good quality fertilisers at an affordable price.
