Logo

Lending scheme to stimulate African agribusiness

A US$50mn lending scheme has been launched by Nedbank to stimulate agribusiness in sub-Saharan Africa

Lending scheme to stimulate African agribusiness Liberian rice traders will be the first target of the investment initiative. (Image source: USAID/Flickr)

The initiative will be supported by World Bank member, IFC, and the Global Agriculture and Food Security Program (GAFSP), both providing risk mitigation.

The facility aims to stimulate international trade in cash crops and agricultural commodities by lending to traders against warehoused commodities.

“Working with IFC, we intend to use our expertise in commodity finance to keep trade active in those countries in sub-Saharan Africa,” said Nedbank’s head of global commodity finance, Sekete Mokgehle. “Nedbank is willing to expand its operational reach to commodity traders in this region and is grateful to launch the new collaboration with IFC today.”

The project’s first target will be the flagging rice trade in Ebola-hit Liberia, where the local economy has suffered from the effects of border closures and other travel restrictions.

“The private sector has a crucial role to play in containing the economic effects of Ebola,” said German Vegarra, IFC's regional head of manufacturing, agribusiness and services for sub-Saharan Africa. “By partnering with Nedbank, IFC and GAFSP will support commodity trade in Liberia, to maintain economic activity and ensure food security in the country.”

The scheme is also supported by the governments of Japan, Canada, the Netherlands, the UK and the US, allowing the partnership to invest in potentially riskier projects.


LATEST NEWS IN Agriculture

African Development Fund approves US$6.4mn grant to increase financial access for agricultural value chain entrepreneurs

African Development Fund approves US$6.4…

The Board of Directors of the African Development Fund, the African Development Bank Group’s (AfDB’s) concessional lending window, has approved a grant US$6.4mn to Gambia to implement the Incentive-Based Risk-Sharing...

Esri partners with Microsoft to support sustainable agriculture development in Africa

Esri partners with Microsoft to support …

To help support government and non-profit organisations on the continent address climate change, water supply and food security challenges, Esri, the global leader in location intelligence, has collaborated with Microsoft...

USAID and NASA renew partnership to address development and humanitarian challenges

USAID and NASA renew partnership to addr…

On 4 November, Administrator Samantha Power signed a Memorandum of Understanding (MoU) between the U.S. Agency for International Development (USAID) and the National Aeronautics and Space Administration (NASA) to renew...

Norway promises top-up contribution of urgently needed climate finance

Norway promises top-up contribution of u…

On 9 November 2022, Norway, as part of a commitment to triple its support to climate adaptation by 2026, has pledged an additional US$9.5mn contribution of urgently needed climate finance...

CotonChad and IDH sign partnership with Better Cotton

CotonChad and IDH sign partnership with …

Better Cotton recently signed a multi-stakeholder Letter of Intent to participate in the landscape approach, developed with local stakeholders in Chad in conjunction with IDH, intending to work towards improving...

NFU president Minette Batters appointed as ambassador of Farm Africa

NFU president Minette Batters appointed …

Farm Africa, a charity that promotes sustainable agricultural practices, strengthens markets and protects the environment in rural eastern Africa, has announced the appointment of NFU president Minette Batters as an...

Prev Next

OTHER RELATED ARTICLES - Agriculture

IITA, EAGC sign MoU to produce aflatoxin-free grains for health and trade

IITA, EAGC sign MoU to produce aflatoxin…

The International Institute of Tropical Agriculture (IITA) and the Eastern Africa Grain Council (EAGC) have signed an MoU to work together to tackle aflatoxin contamination of grains in the region

Africa’s GGW programme gives viable return on investments

Africa’s GGW programme gives viable retu…

Food and Agriculture Organisation of the United Nations (FAO) found that Africa’s Great Green Wall (GGW) programme in the Sahel region is crucial to the battle against climate change

Centre of Excellence in Rwanda to support farmers and rural communities

Centre of Excellence in Rwanda to suppor…

A new African Centre of Excellence for sustainable cooling and cold chain based in Rwanda will help get farmers’ produce to market quickly and efficiently – reducing food waste, boosting...

US$33 million AfDB grant approved for Côte d’Ivoire

US$33 million AfDB grant approved for Cô…

The African Development Bank Board of Directors (AfDB) has approved a US$33 million grant to Côte d’Ivoire to finance an agricultural infrastructure support project

IFC,  OCP to support sustainable food systems by improving agricultural value chain in Africa

IFC, OCP to support sustainable food sy…

OCP Group, the world’s largest phosphate mining and fertiliser group, and IFC have signed a milestone financing agreement to support OCP in expanding its value chain in Africa

FAO, PhosAgro unveil joint Soil Doctors Programme

FAO, PhosAgro unveil joint Soil Doctors …

The Food and Agriculture Organization (FAO) of the United Nations and PhosAgro, a leading producer of mineral fertilisers, have launched the joint Soil Doctors Programme in sustainable agriculture

Syngenta launches Cropwise Seed Selector

Syngenta launches Cropwise Seed Selector

Agriculture company Syngenta and NK Seeds have launched the Cropwise Seed Selector to help farmers select seeds through data-driven recommendations

Eight governing council meeting of Africa Fertilizer Financing Mechanism

Eight governing council meeting of Afric…

The Africa Fertilizer Financing Mechanism (AFFM) will convene its eight Governing Council (GC) meeting on 24 January 2020, at the African Development Bank (AfDB), CCIA building in Abidjan, Côte d’Ivoire

Training for agriculture

Training for agriculture

ACOMMON TRAIT in many African countries seems to involve a reduced emphasis on agricultural training when the country achieves independence. In Nigeria an excellent system of teaching farming and gardening...

Ministers commit to strengthening collaboration on food and agriculture

Ministers commit to strengthening collab…

Near East and North Africa (NENA) ministers approved a ministerial declaration that provides the basis for enhanced cooperation across the region to develop sustainable solutions to the most urgent and...

Small-scale farmers in Africa to receive agricultural advice through mobile phones

Small-scale farmers in Africa to receive…

The International Fund for Agricultural Development (IFAD) has announced to help 1.7mn small-scale farmers in Kenya and Nigeria with personalised agricultural advice through their mobile phones, to improve their incomes,...

New Holland renews support of ‘Kids of Africa’ in Uganda

New Holland renews support of ‘Kids of A…

New Holland Agriculture and its supplier in Uganda, Cooper Motor Corporation Ltd (CMC), have together donated a TT55 tractor to the ‘Kids of Africa’ non-profit organisation

Prev Next

Template Design © Joomla Templates | GavickPro. All rights reserved.