AGRA Launches $550m Africa Farming Fund

Sep 18 , 2022


The Alliance for a Green Revolution in Africa (AGRA) has announced a half billion dollar catalytic fund to back efforts to improve food security on the continent over the next five years. The organisation looks to reach 28 million farmers across 15 countries to boost productivity and income. The announcement comes as the Horn of Africa faces the worst drought in four decades. Humanitarian organisations estimate that 22 million people in the region are already in the clutches of a growing food crisis. Half of Somalia's population is in dire need of emergency humanitarian assistance, with millions more affected in Ethiopia, Kenya and South Sudan.  Experts forecast that the coming months will bring the region's fifth consecutive failed rainy season, exacerbating the crisis. The war in eastern Europe has been a factor as well, as Russia and Ukraine were the source of the majority of wheat imports for most Horn of Africa nations.  UN officials warn that more than 200,000 are at risk of dying — potentially by the end of the year – if action is not taken immediately. AGRA was founded 15 years ago by the Bill & Melinda Gates and Rockefeller foundations.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email