Sign In or Register | Sunday, July 3, 2022
AfricaTeam,   4/4/2022 4:45:41 PM Add AfricaTeam as a Friend | Send Message
Africa See Profile
The Africa Fertilizer Financing Mechanism Governing Council Calls For More Private Sector Financing in The Fertilizer Sector

 TUNIS, Tunisia, 31 March 2022 / PRN Africa / -- Institutional members of the Africa Fertilizer Financing Mechanism's Governing Council endorsed plans to attract more private sector financing to the continent's fertilizer sector. The move came during a meeting of the 13-member council, during which participants also validated the Africa Fertilizer Financing Mechanism's 2021 Annual Report and endorsed its proposed 2021 work program. The Africa Fertilizer Financing Mechanism works with African governments, regional institutions, the private sector, development banks, and international donors to study the fertilizer value-added chain. The organization assesses key transnational factors that impede fertilizer use in order to develop comprehensive financing strategies for jump-starting Africa's agricultural productivity. The African Development Bank manages the African Fertilizer Financing Mechanism.

 

During the meeting, the Governing Council commended the institution for its impactful projects to deliver trade credit guarantees in Nigeria and Tanzania. The two projects, which support the implementation of trade credit guarantees to bolster fertilizer value chains. In Tanzania, $2.3 million in trade credit guarantees provided leverage of 11.2 times, enabling three suppliers to sell fertilizer worth $26.3 million to 570,000 farmers via 28 hub agro-dealers and 966 retail agro-dealers. In Nigeria, the project secured a leverage of 4.6 times the guarantee and facilitated access to financing for fertilizer blenders who traded fertilizer worth $11.2 million. "The Africa Fertilizer Financing Mechanism has now demonstrated to the development community that trade credit guarantees are an opportunity to tackle financing challenges and facilitate access to fertilizer for agro-dealers and farmers," said Vincent Castel, regional manager at the agriculture & agro-industry department of the African Development Bank, speaking on behalf of Martin Fregene, Director for Agriculture and Agro-industry.

 

Council members urged the Africa Fertilizer Financing Mechanism to work with partners to mobilize more resources to support the fertilizer sector. The private sector currently offers a possibility to prepare rapid responses to solve challenges in the sector and achieve better results. Its market-responsive solutions can help take advantage of resources in the fertilizer industry that are already available.

 

"AFFM is in a unique and strategic position to show value to private sector players looking for leveraging opportunities," said Council member Abah Ofon, manager for export development at African Export-Import Bank.

During the meeting, Governing Council members also discussed the Africa Fertilizer and Soil Health Summit, which is scheduled to take place in the second quarter of 2023. The event aims to build on progress that has occurred in the fertilizer ecosystem over the past 15 years. The Africa Fertilizer and Soil Health Summit will also pave the way for a new evidence-based, policy-driven, and practical action plan to inform fertilizer development on the continent going forward.

 

The Governing Council meeting took place on 28 February.

 

SOURCE African Development Bank (AfDB)

Tags:The Africa Fertilizer Financing Mechanism Governing Council Calls For More Private Sector Financing in The Fertilizer Sector
Bookmark and Share Email Email to Friends Print Print
0
Comments(0)
Please Sign In  or Register  to post a comment.
UserName:
Password:

 
Facebook Twitter YouTube Instagram Linkedin African Music
Push
Post a New Story from your Account, then Vote for it Here by clicking Push

What's up
Global Leaders Convening Tomorrow At The SEforALL Forum in Kigali For Landmark Event On Energy And Climate
Comments (0)
International Symposium On Strengthening Surgical, Obstetric and Anaesthetic Care Systems in Africa To Be Hosted in May By The Government Of Senegal
Comments (0)
Under the Arab Africa Trade Bridges (AATB) Program, ITFC, Afreximbank, BADEA and ARSO to Organize a High-level Roundtable on the Harmonization Of Standards For Pharmaceutical Products And Medical Devices in Africa on The 17th November 2021
Comments (0)
Netrepreneurs: The Rise of Africa's Digital Lion; 8 August 2018 – 13:00-17:30; Linder Auditorium; Johannesburg, South Africa
Comments (0)
African Continental Free Trade Area:Creating Fiscal Space For Jobs and Economic Diversification Friday, May 11 - 15, 2018 Addis Ababa, Ethiopia
Comments (0)


Most Popular
Latest Forums
Latest Polls
Links
Tags
    Nigeria    Kenya    
South Africa    Ghana    
Egypt    Ethiopia    Zimbabwe    Uganda    Africa    
Tanzania    Kenya a Hot bed of Investments    Test    Pope Francis On Safari In Kenya    Malawi    The 28th African/Caribbean International Festival of Life (IFOL) in Conjunction with The 5th Annual Jerk    Sudan    The 2nd Pan-African Cultural Festival Photos    Tunisia    2010 World Cup Draw: Which Country Has the Hottest Fans?    
Site Map | Help | Send Feedback | Contact us | User Agreement | Privacy | About us
Copyright © 2020-2022 "Africa Updates" All rights reserved