africa Agriculture Farming FDI

Tanzania among countries set to receive AFDB grant

Tanzania is one of the eight African countries which are to benefit from the African Development Bank`s (AFDB) new grant projects funded by the Agriculture Fast Track Fund (AFT) in support of agribusiness Small and Medium-sized Enterprises (SMEs).

According to a statement issued on 11th March, 2019, the pan African bank is next week expected to launch 17 new grant projects which are to be implemented in eight African countries – Tanzania (4), Ghana (4), Burkina Faso (2), Malawi (2), Mozambique (2), Ethiopia (1), Nigeria (1) and Senegal (1).

The AFT fund is managed by the agriculture and agro-industry department of the African Development Bank. It supports the development of a strong pipeline of `bankable` agriculture infrastructure projects and assists African agribusiness SMEs in project preparation activities to ease their take-off. The fund is supported by the governments of the USA (through USAID), Denmark (through DANIDA) and Sweden (through Sida).

The fund finances the project development cost of a broad range of agriculture infrastructure, spanning the entire value chain: from production to the market. Target projects range from rural feeder roads to irrigation, agro-processing and marketing facilities, and out-grower schemes. The emphasis is on projects that contribute to the food security, income enhancement, job creation, and livelihood of smallholder farmers.

The projects are being implemented in 10 eligible regional member countries (RMCs) of the Bank: Benin, Burkina Faso, Cote d`Ivoire, Ethiopia, Ghana, Malawi, Mozambique, Nigeria, Senegal and Tanzania.

AfDB is a is a multilateral development finance institution, which was founded in 1964 and comprises three entities – the African Development Bank, the African Development Fund and the Nigeria Trust Fund.

The AfDB`s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.

AfDB is a financial provider to African governments and private companies investing in the regional member countries (RMC). While it was originally headquartered in Abidjan, Cote d`Ivoire, the bank`s headquarters moved to Tunis, Tunisia in 2003, due to the Ivorian civil war; before returning in September.

Source: The Exchange

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