AfDB approves $11 million to facilitate fertilizer access for African farmers
The African Development Bank Group (AfDB) has approved an $11.7 million grant to facilitate access to fertilizers for smallholder farmers across the continent.
AFDB apportioned the funding to the African Fertilizer Financing Mechanism (AFFM). Established in 2006, the Africa Fertilizer Financing Mechanism seeks to enhance pan-African agricultural productivity by promoting using fertilizers. The AFFM works multilaterally, focusing on the critical transnational factors impeding fertilizer use to develop comprehensive strategies for jump-starting Africa’s stagnant agricultural productivity.
By facilitating access to fertilizers, the AfDB aims to boost agricultural productivity, enhance soil fertility, and increase farmers’ incomes, ultimately contributing to poverty reduction and economic development in rural communities. The initiative aligns with the Bank’s overarching goals of promoting inclusive growth, improving livelihoods, and achieving food self-sufficiency in Africa.
Empower Africa Times Newsletter
You may also like...
Turaco, Africa’s tech-enabled affordable insurance company, has acquired MicroEnsure Ghana from MIC Global.
ROAM, a Kenyan electric vehicle (EV) company, has introduced the Move, an all-electric shuttle bus that is the first of its kind to be built entirely in Kenya.
Swedish automaker Volvo Cars and Egyptian bus manufacturer Manufacturing Commercial Vehicles (MCV) have signed an agreement to manufacture electric bus bodies in Egypt for export to Europe.