Agri Commodities & Finance secures US$30m from Symbiotics and Oikocredit

WEST AFRICA – Agri Commodities & Finance FZ-LLC, the UAE subsidiary of Export Trading Group (ETG), has secured US$30.75 Million extended loan from Symbiotics, a market access platform for impact investing, and social impact investor and worldwide cooperative Oikocredit. This partnership will facilitate the sourcing of certified cocoa beans and traceable cashew nuts from smallholder farmers and cooperatives in Côte d’Ivoire, Ghana, and Nigeria, and strengthen ETG’s sustainability programmes in these countries. “We are extremely grateful for the support of Symbiotics and Oikocredit, which will help us support our cashew…

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Fish distributor Lake Harvest Zambia introduces mobile payment option in its outlets

ZAMBIA – Cellulant, a leading Pan-African payments company, has partnered with one of Zambia’s leading fish distributors, Lake Harvest to enable mobile payments in all their outlets through the Tingg one-stop digital payment platform. As consumer purchasing habits evolve, Lake Harvest has placed importance on accepting all forms of mobile money to give its customers a seamless payment experience. Lake Harvest highlighted that this was necessitated by demand from their customers who kept requesting easier ways to pay for their goods that didn’t involve the hassle of withdrawing cash from…

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IFAD to invest US$67m in SACP to sustainably transform small-scale farming sector

ZIMBABWE – The International Fund for Agricultural Development (IFAD) has announced support for a new US$67.43 million investment programme that seeks to increase productivity and rural incomes for 78,000 vulnerable rural households in Zimbabwe. The Smallholder Agriculture Cluster Project (SACP) will increase productivity and household incomes by sustainably transforming the small-scale farming sector and increasing farmers’ participation in market-oriented and climate-smart value chains. It will provide technical assistance, matching grants and infrastructure investments to agricultural production groups (APGs), rural micro-enterprises and value chain lead enterprises that can take advantage of…

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Gambia receives US$8 million grant from IFAD, AFD to boost food security

GAMBIA – The French Development Agency (AFD) and the International Fund for Agricultural Development (IFAD) have signed a €7 million (US$8m) grant agreement to support the implementation of the “Resilience of Organizations for Transformative Smallholder Agriculture” (ROOTS) project in Gambia. The project aims to improve food security, nutrition and smallholder farmers’ resilience to climate change in the West African country. According to IFAD, the project aims to increase agricultural productivity, enhance access to markets for agricultural products, and raise support family farms and farmer organizations.  With a total cost of…

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Morocco secures US$131m loan from AfDB for sustainable agriculture

MOROCCO – The Board of Directors of the African Development Bank (AfDB) has approved a new €114 million (US$131.89m) loan to Morocco to enable the implementation of the Support Program for the Inclusive and Sustainable Development of Agricultural and Rural Areas (Padidzar). According to the Moroccan High Commission for Planning (HCP), agriculture, which accounts for 15% of the national wealth produced each year before tourism and industry, is threatened by water stress. The phenomenon caused by drought is a consequence of climate change. In this context, the Padidzar aims to…

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Agri-tech startup Vendease closes US$3.2m seed round to expand its operations

NIGERIA – Vendease, an agri-tech startup that lets restaurants and other food businesses buy supplies directly from manufacturers and farms, has secured a US$3.2 million seed round to expand operations and build out its technology. The funding round was led by Global Founders Capital with participation from Y Combinator, Hustle Fund, Liquid 2 Ventures, and Soma Cap. Other local investors and early backers such as Paga CEO, Tayo Oviosu, Remita CEO, John Obaro, and Magic Fund also took part. Founded in January 2020 by Tunde Kara, Olumide Fayankin, Gatumi Aliyu…

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PE firm Adenia Partners acquires Kenya’s Red Lands Roses

KENYA – Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Altilands SA, the parent company of Red Lands Roses, a leading grower of premium fresh-cut roses in Kenya. Red Lands is internationally recognized for its green horticultural practices that respect people and the environment. The financial terms of the transaction were not disclosed. Established in 1996 by an agronomist, Isabelle Spindler, Red Lands operates a farm of 28 hectares, 35 kilometers northeast of Nairobi, at approximately 1,565 meters above sea level. Red Lands’ premium…

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Smallholder farmers, rural cooperatives secure US$34m from Zanaco to accelerate investment

ZAMBIA – Smallholder farmers and rural cooperatives across Zambia will benefit from a new €30 million (US$34.81m) initiative from Zanaco and Team Europe to accelerate agricultural investment launched in Lusaka and Luxembourg. The new initiative will improve agricultural productivity, upgrade agricultural processing, and support a sector severely impacted by COVID-19 challenges and is supported by a best-practice assistance program. The financing scheme will be managed by Zanaco and is backed by the European Union and European Investment Bank, as part of the broader Team Europe support for sustainable commercialisation of…

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InfraCo Africa commits additional US$2.4m in Bonergie Irrigation SAS, acquires large minority shareholding

SENEGAL – InfraCo Africa, an investment company and part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement and a Loan Agreement with Bonergie Irrigation SAS to continue supporting the scale-up access to solar-powered irrigation solutions in Senegal. Under the new agreements, InfraCo Africa will hold a large minority shareholding in Bonergie Irrigation, committing an additional US$2.4 million to scale up farmers’ access to solar-powered irrigation solutions in Senegal. “We are excited to continue working with our partners at Bonergie Irrigation to substantially scale up our offering…

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Agribusiness firm InspiraFarms opens regional office in Harare

ZIMBABWE – InspiraFarms is expanding its presence across Africa with the establishment of a regional office representation for Southern Africa, based in Harare, Zimbabwe. InspiraFarms’ team designs first-mile, on-farm pre-cooling cold chain and food handling solutions, which are made up of the best European technologies. Zimbabwe has become a key market for InspiraFarms, with the Zimbabwean horticultural sector growing rapidly in response to the increasing demand for fresh fruit and vegetables in the European Union (EU), UK, Middle East, Far East and regional markets. The expansion in demand is also…

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