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.

The financing will improve agricultural productivity and resilience to climate change, strengthen agricultural value chains, and enhance access to markets and financial services for farmers, among others. Madagascar’s agricultural sector is particularly vulnerable, as it relies heavily on rain-fed crops. The financing from the World Bank and the AFD will help the country to implement climate-smart agriculture practices, such as using drought-resistant crops and planting trees to protect soil and water resources. This will help to boost agricultural productivity and resilience to climate change, and it will also help to improve food security and livelihoods in Madagascar.

The financing is part of the World Bank’s $1.2 billion Country Partnership Strategy for Madagascar, which aims to support the country’s development goals in agriculture, energy, health, education, and governance.

The company has established operations in South Africa and Morocco and plans to add additional regional locations over the next several years. The expansion into Africa is part of TELUS International’s growth strategy, which is focused on providing high-quality customer experience solutions to global brands.

The company’s new locations in Africa will provide it with access to a large pool of talented and multilingual workers and a strategic location for serving customers in Europe, the Middle East, and Africa. The expansion of TELUS International to Africa is expected to bring several benefits to the region, including the transfer of technology and skills. The expansion is also expected to positively impact the African digital economy’s development.

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M-KOPA’s asset financing platform has revolutionized access to essential goods and services in underserved African communities by leveraging mobile technology and innovative financing solutions. The firm enables its customers to acquire solar energy systems, smartphones, and other life-changing products through flexible payment plans.

The debt and equity funding will fuel M-KOPA’s ambitious growth plans, enabling the company to scale its operations, strengthen its technology infrastructure, and enhance customer experiences. By expanding its asset financing platform, M-KOPA aims to empower more individuals and small businesses with the necessary tools and resources to thrive. This investment comes at a critical time when access to affordable financing remains a challenge for many people in Africa.

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