The investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda, scale warehouse technology, and next-generation software that captures post-harvest pricing, and develop a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda.
The additional warehouses will provide 230,000 MT of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent.
BII’s investment will also help to develop new markets for smallholder farmers and provide them with access to training and other resources to improve their productivity and profitability.
The investment in AFEX is expected to have a significant impact on food security in Africa.
By supporting smallholder farmers to produce more and higher quality crops, AFEX is helping to increase the availability of food and reduce prices for consumers.
The company’s investment in storage and processing facilities will also help to reduce food waste and ensure that more food is available for people to eat.
Overall, the investment in AFEX is a positive development for Africa’s agricultural sector and food security.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
The International Finance Corporation (IFC) has committed up to $25 million to Acumen’s Hardest-to-Reach (H2R) Fund, a $200 million initiative aimed at improving energy access in underserved regions of Sub-Saharan Africa.
European Investment Bank (EIB) Global has injected $30 million into Seedstars Africa Ventures I, a venture capital fund empowering African startups and businesses through risk capital.
Swedfund, a Swedish development finance institution (DFI), has partnered with African credit fund BluePeak Private Capital Fund to invest $5 million in Bridge Bank Microfinance (BBM), a subsidiary of West Africa-based Teyliom Finance.