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

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email