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 program, which is open to startups from all over the continent, will provide participants with access to mentorship, training, and funding opportunities.
AfriLabs, one of Africa’s largest networks of technology and innovation hubs, has joined hands with the United States Department of State to tackle the climate crisis in Africa through entrepreneurship.
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.
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