Agriculture

The funding will enable IBISA to build more pioneering products and expand further into emerging markets. (Image source: IBISA)

Climate Insurtech company, IBISA recently closed a US$3mn funding round to scale its parametric insurance solutions for weather-related risks in Asia and Africa

The strategic investment aims to empower IBISA to make parametric insurance more accessible. As reported by the Food and Agriculture Organisation of the United Nations (FAO), IBISA is providing simple and efficient parametric insurance products to help those affected by the climate crisis.

The company leverages innovative satellite and actuarial technologies to design and operate parametric insurance products that promote financial resilience in regions where communities are the most vulnerable to the impacts of extreme weather events. Since establishing a local presence in India in 2023, IBISA is placing a special emphasis on the country.

A number of innovative climate coverages offered by the company include agricultural-focused insurance products, as well as typhoon insurance, and loan protection for financial institutions. In addition, IBISA has also developed a groundbreaking heat stress product insurance initially designed for dairy farmers. Although being used primarily in India, the product is currently being expanded in other countries, such as Bangladesh. 

"Since the beginning at IBISA, we have functioned with great agility as product innovators and bringing these products to market efficiently. This is what drives us. This is our DNA," explained CEO of IBISA, Maria Mateo. "Now, we are entering the industrialisation phase of our journey. With the backing of this fundraising effort and the support of both existing and new investors, our goal is to amplify our product offerings, expand within our current markets, and explore new markets."

Managing director of the Acumen Resilient Agriculture Fund (ARAF), Tamer El-Raghy who was one of the investors of the funding round, expressed his excitement to partner with a world-class entrepreneur like Maria, while emphasising the importance of low-cost parametric insurance products for African farmers.

"African farmers are among the most negatively impacted by climate change and the need for low-cost parametric insurance products is a must-to-have for those farmers to be able to absorb a climate shock and IBISA's cutting-edge technology helps developing low-cost insurance products for those farmers," El-Raghy said. "This investment is an invaluable addition to ARAF's portfolio and we look forward to supporting IBISA's regional growth.

Completion of the Trans-Gambia Bridge will facilitate efficient movement of goods and people. (Image source: AfDB)

The African Development Bank’s (AfDB) investments in The Gambia’s energy sector have significantly improved access to affordable and reliable electricity

According to a recent Bank country progress report, at least 70% of Gambians are projected to have power by the end of this year, with 50% in rural areas. The report received approval by the Bank Group’s Board on 13 June. It reflects the results obtained halfway through the execution of the Bank’s 2021-2025 Country Strategy Paper (CSP) for the Gambia, highlighting remarkable achievements in the country’s energy, agriculture, and transport sectors.

The Bank's assistance to the agricultural sector has boosted productivity, increased production and attracted private investment. Rice yields have thus risen from 2.2 to 4 tonnes per hectare, thanks to the implementation of the Bank’s flagship Technologies for African Agricultural Transformation (TAAT) initiative and the Rice Value Chain Transformation Programme (RVCP). 

Yields of maize, groundnut, cowpea and sorghum also improved during the first period of CSP implementation. Enhanced irrigation on 4,369 ha increased rice production by 27,828 tonnes, and support for local seed producers has ensured sustainable supplies of seeds.

In the transport sector, the Trans-Gambia Bridge and its ancillary road network link major routes and destinations, promoting the efficient movement of goods and people, supporting trade, raising incomes and improving livelihoods throughout West Africa.

“The AfDB has increased its support for economic diversification and resilience in the Gambia, taking into account the country's long-term development priorities and the 2030 Sustainable Development Goals, and targeting factors of fragility," stated the Bank’s Deputy-Director General for West Africa, Dr Joseph Ribeiro.

China has become one of the primary importers of Ethiopian coffee. (Image source: Adobe Stock)

In recent years, Ethiopian coffee has been gaining widespread popularity in the Chinese market, mainly through platforms such as the China International Import Expo (CIIE) as well as cross-border e-commerce

While Roasted coffee beans from the Ethiopian coffee brand Gera was showcased at the third CIIE, Ethiopian highland coffee with vibrant orange packaging was showcased at an e-commerce live stream during the fifth edition of the expo. As the popularity of Ethiopian coffee kept growing, online sales of the product saw a surge of 300% during the expo’s sixth edition. 

Expressing great delight, Ethiopian ambassador to China, Tefera Derbew Yimam, noted that China has become one of the primary importers of Ethiopian coffee. "The embassy will continue to facilitate Ethiopian business participation in the expo," Yimam said.

Besides coffee, other products like sesame seeds and green beans from Ethiopia have also made their way to supermarkets, stores, and retail markets in China. 

The seventh edition of CIIE is scheduled to take place from 5-10 November this year in Shanghai, China. For more information, visit: https://www.ciie.org/

Gabriel H. Salee receives the Donated KR Food Aid Rice from Mochizuki Hisanobu. (Image source: Minister of Foreign Affairs, Liberia)

The formal handover ceremony of rice to the Government of Liberia (GOL) took place on 18 June at the Ministry of Foreign Affairs in Monrovia, and stands as a significant gesture of international cooperation and goodwill

The donated KR Food Aid rice is a vital food staple for many Liberians. It is expected to bolster food security and provide relief to vulnerable populations across the country. 

Noting that the donation aligns with the ARREST Agenda of the government, the acting Minister of Foreign Affairs, Gabriel H Salee, expressed deep gratitude to the Government and people of Japan for their unwavering support and solidarity. She further emphasised that Japan’s assistance reflected their commitment to international cooperation and humanitarian aid. 

"Today's donation is a testament to the strong and enduring friendship between Liberia and Japan,” stated Minister Salee. This generous contribution will go a long way in addressing the food needs of our people, particularly those who are most vulnerable.“

Mochizuki Hisanobu, Ambassador of Japan to the Republic of Liberia, presented the rice carrying a value of US$1.5mn, on behalf of the Japanese Government. According to him, the Food Assistance programme has been one of the sustainable means of raising revenue through the Counterpart Value Fund to tackle the Government of Liberia’s ARREST developmental initiatives and also address cross-cutting challenges to the survival, livelihood and the dignity of people.