Afternoon business highlights – May 24, 2018

Afternoon business highlights – May 24, 2018

FAPA Donors and AFAP sign grant agreement in support of local supply and utilization of fertilizer in Africa

On the sidelines of the African Development Bank Annual Meetings in Busan, Korea, the Fund for African Private Sector Assistance (FAPA) donors and the African Fertilizer and Agribusiness Partnership (AFAP) have signed a grant agreement in support of local supply and utilization of fertilizer by smallholder farmers in Africa.This FAPA grant of US $1 million will help increase affordability, accessibility and incentives for fertilizer use among smallholder farmers in Africa and expand the supply and distribution of fertilizer by leveraging investments. It is also intended to create over 1,000 jobs for women and youth. AFAP, the grantee, will match the FAPA grant.The agreement was signed Wednesday by Jennifer Blanke, the African Development Bank’s Vice-President for Agriculture, Human and Social Development, and Jason Scarpone, CEO of the African Fertilizer and Agribusiness Partnership.

AfDB achieves historic disbursement of US $7.81 billion, exceeding 2017 target

The African Development Bank, under the leadership of its President, Akinwumi Adesina, has increased disbursements to support the structural transformation of countries in Africa, according to its Annual Report, released during the Annual Meetings in Busan, Korea.Bank disbursements reached US $7.81 billion in 2017, a 15% percent increase over 2016 and the highest on record for the Bank. This increase was driven, to a large extent, by the 42% increase in project loan and grant disbursements, which reflect in part, improved portfolio management. The Bank approved 249 operations amounting to US $8.93 billion. This was reflected in its core financing, disbursements, operational strategies and portfolio management.

Gura Hydro Power canal overflows, destroying tea crop

Tea farmers at Gura in Othaya are counting losses after Gura Hydro Power canal overflowed and swept tea bushes in the area.The Hydro Power plant is a project owned by Kenya Tea Development Authority and supplies power to 4 tea factories in the area.The farmers in the area said that this is the third time the canal has overflowed and KTDA has kept silent over the issue.

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