AFEX expands operations to Kenya, launches US$1m loan programme

KENYA – AFEX, a Nigerian commodities exchange and commodities market player, has announced its expansion into Kenya, following a successful pilot phase in the most diversified economy in East Africa. As part of the expansion, AFEX Fair Trade Limited (AFTL), has launched a US$1 million loan program that will allow farmers to gain access to seed and fertiliser for their…

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Equity Group partners CFAO Group to support farmers increase their outputs

KENYA – Equity Group, a financial service holding company, has partnered with CFAO Kenya Ltd and CFAO Agri Limited (CFAO Group) to provide farmers with 80 percent financing that will enable them to purchase farm inputs and machinery such as tractors. Ultimately, the three entities seek to provide local farmers and other primary players in the agriculture value chain with…

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Malagasy women-led agribusiness Soafiary receives US$3.6m loan from IFAD to scale farmers’ support

MADAGASCAR – Soafiary, an innovative women-led agribusiness from Madagascar, has received €3.5 million (US$3.6m) loan financing from the UN’s International Fund for Agricultural Development (IFAD), to enable its grow sustainably and orient its business model. The Malagasy company specializes in the sourcing, processing and commercialization of cereals (maize, rice) and leguminous plants (beans, cape peas, lentils, soybeans) on local and…

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LoftyInc secures US$1.4M funding to de-risk investment in Nigeria’s agribusiness sector

NIGERIA – LoftyInc Allied Partners Limited has secured N592,204,667 (US$1.4 million) investment grant by the USAID-funded West Africa Trade & Investment Hub (Trade Hub) to launch Project Sparrow. Project Sparrow is an initiative developed to reduce the risk of local and global investments in selected agribusiness and agritech companies in Nigeria to help them achieve higher productivity, better returns, inclusive…

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Kenyan start-up Apollo Agriculture in US$9.5m pact with DFC for farmer loans

KENYA – Apollo Agriculture, a technology company that works with small-scale farmers to boost their profits, recently agreed to borrow US$9.5 million for up to 10 years from the government-backed US International Development Finance Corporation (DFC). While announcing the 10-year loan, the DFC said the facility would help improve food security in Kenya by boosting Apollo’s ability to support smallholder…

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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…

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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…

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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…

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James Finlay divests from flower business with sale of Kericho farm

KENYA – Black Tulip Group has bought Kericho-based flower farm from James Finlay Kenya for an undisclosed amount as the latter focuses on its tea and coffee business. The sale will see workers at the Lemotit farm in Londiani, Kipkelion East, which produces roses and cut flowers for the United Kingdom and European markets, declared redundant. “The sale of Lemotit…

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Kenya Breweries unveils US$9.2m fund to boost sorghum production

KENYA – Leading alcoholic brewer Kenya Breweries Limited (KBL), has unveiled a KSh1 billion (US$9.2 million) fund to promote commercial production of a traditional sorghum variety that has been found a suitable alternative for brewing Senator Keg brand. The Nairobi Securities Exchange-listed brewer is targeting to recruit more than 15,000 farmers in western Kenya in its latest efforts to ramp up…

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