The Board of Directors of the African Development Bank Group (www.AfDB.org) approved a loan of $260.4 million to the Democratic Republic of Congo (DRC) to help finance the Project to Support the Development of Value Chains as part of its backing for the Agriculture Transformation Programme (PADCV-PTA).

The project, totalling $311.6 million, is being funded by a $250.4 million loan from the African Development Fund, the Bank Group’s concessional window, and another $10 million loan from the Transition Support Facility, a Bank Group mechanism for countries undergoing periods of transition. The DRC government and beneficiaries will provide counterpart funding of $51.2 million.

The project will contribute towards the country’s food self-sufficiency by boosting production of the main stape food crops of rice, cassava, maize and soya. This will significantly reduce large-scale food imports – which amounted to $3 billion in 2023 — 19 per cent of the national budget – and its vulnerability to external shocks, including climate change and armed conflict.

More specifically, the project aims to rebuild the seed capital of the rice, cassava, maize and soya value chains, to improve yields in a sustainable manner and to structure and facilitate the access of stakeholders in these value chains to markets and suitable financing.

Consequently, 295,000 hectares of maize, soya, cassava and rice will be sown, using improved seeds that are resistant to climate change. Some 1,600 farmer field schools and demonstration plots will be set up and run by supervisors for extension activities, including climate-smart farming techniques. The development of irrigated rice-growing areas will enable intensive production levels to be attained, with at least two cycles per year.

The project will make inputs available to producers on credit at the start of the cropping season, repayable at harvest time, to build up working capital to facilitate long-term access to said inputs and equipment for the pre-processing of agricultural produce (threshers, winnowing machines, tarpaulins/drying areas) for the cooperatives of rice-growing area operators.

Some 600 km of rural tracks will be upgraded to open up production basins and facilitate access to consumption areas.

The project also aims to organise the value chain stakeholders into cooperative companies so that they can benefit from economies of scale through grouped orders and sales. It will bolster the bargaining power and capacity of small-scale producers to enter into ‘win-win’ partnerships. To facilitate access to funding, the project provides for a shared-cost financing mechanism.

In addition, it will also build the capacity of national agricultural research and seed system stakeholders in order to reestablish the national seed capital.

The project will be implemented in six provinces, namely Kongo Central, Kwango, Maï-Ndombe, Kasaï Oriental, Lomami and South Kivu – areas that are part of the direct supply basins of major cities and that can also supply neighbouring countries. All told, the area covered by the project is home to 24 per cent of the Congolese population, and some 900,000 farming households, including internally displaced people, will benefit directly from the project.

Ultimately, the project should increase yields of the targeted crops by 80 per cent, and boost agricultural production by 1.68 million tonnes per year and private agricultural processing by 4.1 million tonnes over five years, while reducing the DRC’s food imports by $500 million a year. All female heads of household in the area will benefit from the project, as will two million households, on an indirect basis. This pertains to three of the country’s major urban centres, Kinshasa, the capital city, Mbuji-Mayi and Bukavu, where food security will be strengthened for around 21 million inhabitants. The project will also enhance regional integration between the DRC and neighbouring Angola via trade in agricultural products.

Other beneficiaries of the project include government services (agricultural research units, seed sellers, farmers’ organisations), private organisations (processors and service providers), decentralised regional bodies, and women’s and youth organisations.

“The African Development Bank is a strategic partner of the DRC, whose top authorities have decided to make agriculture the priority sector for the country’s development,” said Serge N’Guessan, the Bank’s Director General for Central Africa. “This project, which has just been approved by the Bank Group’s Boards of Directors, will enable the rapid implementation of the National Food and Agriculture Pact, which is part of this national vision.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contact:
Romaric Ollo Hien,
Communication and External Relations Department,
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

LG Electronics (LG) (www.LG.com) has announced its new campaign of short videos under the “Life’s Good” brand slogan, titled Get More Care, following the success of previous themes “Get More Love” and “Get More Magic”, aimed at highlighting how LG products enable small gestures of love and care among family members so that they can enjoy true “Life’s Good” moments amidst unforgettable experiences.

Throughout the video series, LG will showcase those sometimes unnoticed loving moments experienced in the home while shining a subtle light on how its products enhance everyday lives through the brand’s innovative technology intricately interwoven into its customers’ everyday lives, by chasing their vicarious football dreams, or simply following their favourite teams in 4K clarity.

A key highlight of the campaign is the immersive family viewing experience provided by LG’s groundbreaking OLED screens – such as the LG Signature OLED M3 4K Smart TV, offering a portal to new universes. With unparalleled picture quality and vivid colours, and sound refinements of α9 AI Processor 4K Gen6, LG OLED screens transform an otherwise ordinary viewing into an unforgettable experience of resplendent immersion, bringing families closer together.

Additionally, the campaign will showcase the convenience of LG’s WebOS, a smart platform that offers seamless access to a wide range of entertainment options and smart home features. Whether it’s finding the perfect movie or the latest TV shows for family night, explore a vast array of content with built-in streaming services such as Netflix, Prime Video, Disney+, YouTube, and Apple TV+. LG’s intuitive WebOS interface also means receiving personalised sports updates and tailored content recommendations is as easy as accessing further built-in apps like Music and Sports, making family time entertainment effortless and enjoyable.

The cutting-edge InstaView knock-knock feature is another standout in the campaign, perfect for revealing those sometimes-hidden signs of love. This technology, available on LG’s latest refrigerators, allows users to see inside with a simple knock, making meal preparation more interactive and fun. Families can easily decide what to cook from the fridge without opening a door.

“We are excited to introduce ‘Get More Care’ as our new brand campaign,” said Elena Yiallouris, Corporate&PR Marketing Specialist at LG Electronics South Africa. “Through these heartwarming short films, we aim to show how our products make everyday moments more special and meaningful. At LG, we believe that technology should enhance the way we care for each other, and this campaign perfectly encapsulates LG’s ‘Life’s Good’ vision.”

LG’s commitment to human-centered innovation and user-centric design is at the forefront of this campaign, demonstrating how the company’s products contribute to a more connected and caring lifestyle. By showcasing the practical benefits and emotional value of LG’s technology, “Get More Care” aims to resonate with families across the region.

The four-episode Get More Care video campaign, which launches in July, showcases fun and touching stories in the home, and ties in effortlessly with LG’s brand direction and visual identity, while maintaining and reiterating the brand’s core values of ‘Uncompromised Customer Experience’, ‘Human-centered Innovation’, and ‘Warmth to Power a Smile’.

To learn more about LG’s campaign, please visit: https://apo-opa.co/3W3dRHK.  

Distributed by APO Group on behalf of LG Electronics.

About LG Electronics, Inc.:  
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance&Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com  for the latest news.

PalmPay (www.PalmPay.com), a leading Africa-focused fintech platform, has been included in the 2024 edition of CNBC and Statista’s prestigious list of the “Top 250 Fintech Companies in the World.” This recognition underscores PalmPay’s rapid growth and significant contributions to advancing financial inclusion.

The CNBC/Statista list honours fintech pioneers significantly transforming the financial services industry through technology. More than 2000 companies were evaluated globally based on general and sector-specific KPIs to determine the final selection. In 2024, some of the most influential fintechs in the world were included in the list, including Alipay, Nubank, Monzo, and Revolut. Six other African firms made the list: Flutterwave (Nigeria/US) – Payments; Kuda (Nigeria/UK) – Neobanking; MTN (South Africa) – Payments; Piggyvest (Nigeria) – Financial planning; and Yoco (South Africa) – Payments.

PalmPay has developed an integrated platform that caters to consumers and businesses in the African market. The startup, which has been operating since 2019, pioneered a unique model in Nigeria that provides financial services such as money transfers, bill payment, credit services and savings via a one-stop-shop fintech ‘superapp’ and mobile money agents.

This dual approach of easy-to-use digital banking, combined with offline touchpoints for those without smartphones, has contributed to driving financial inclusion in a market where more than 40% of adults remain unbanked.

In 2023, PalmPay announced a major milestone of reaching 30 million registered users on its smartphone apps and 1.1 million businesses in its network of mobile money agents and retail merchants. A third of PalmPay customers report that the platform was their first-ever financial account.

PalmPay has quickly grown to become a market leader in Nigeria thanks to its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions. PalmPay processes 15 million transactions on its consumer app daily and maintains a 99.5% transaction success rate.

To achieve this scale in a market where 10% transaction failure rates were common, the company built out its payment infrastructure, channel integrations and transaction routing systems. In addition to its consumer wallet, PalmPay offers services to businesses that leverage the PalmPay platform via its suite of POS machines, APIs and checkout solutions.

“It’s an honour for PalmPay to be recognised by CNBC and Statista as one of the World’s Top Fintech Companies,” said Sofia Zab, Global CMO, “This recognition validates our unique approach to financial services and our commitment to driving financial inclusion. We are actively expanding PalmPay’s reach and offerings, ensuring more people have access to essential financial services and promoting economic development in emerging markets”

PalmPay operates in several key markets across Africa, including Nigeria, Ghana and Tanzania, with plans to expand further in the region and other emerging markets. The company has global HQs in China and London.

For more information, visit www.PalmPay.com

Distributed by APO Group on behalf of PalmPay.

Afrobarometer’s inaugural flagship report (https://apo-opa.co/3WdqIHG) shows that Africans remain strongly committed to democracy, its norms, and institutions, but there are also causes for concern. Over the past decade, popular support for democracy has declined sharply in several countries, and opposition to military rule has weakened. Meanwhile, satisfaction with the way democracy works has continued to decline.

While popular satisfaction with democracy is highly susceptible to economic, social, and political performance, support for democracy is resilient against economic factors such as poverty and poor economic management. Instead, the evidence points to political factors, including rising corruption in local government, poor-quality elections, and a lack of presidential accountability, as factors that tend to undermine popular faith in democracy.

Nurturing support for democracy will therefore require strengthening integrity in local government and improved official accountability.

The report, the first in what will be an annual series on high-priority topics, distils findings from data spanning more than a decade, including the latest round of nationally representative surveys in 39 African countries, representing the views of more than three-fourths of the continent’s population. The full report can be found here (https://apo-opa.co/3WdqIHG).

The findings, based on 53,444 face-to-face interviews, show that most Africans prefer democracy to any other system of government and reject non-democratic alternatives, including military rule. They also strongly endorse norms, institutions, and practices associated with democratic governance, such as choosing political leaders through the ballot box, constitutional limits on presidential tenure, presidential compliance with court rulings, parliamentary oversight of the executive, media freedom, and multiparty competition.

Remarkably for a continent with huge gaps in government services, a clear – and growing – majority say it is more important for a government to be accountable to the people than to “get things done.”

But other trends portend danger for the continent’s democratic development. Opposition to military rule has weakened: More than half of Africans express a willingness to tolerate military intervention “when elected leaders abuse power for their own ends,” even though two-thirds reject institutionalised military rule. While Africa’s youth differ little from their elders in their support for democracy, they express a greater willingness to tolerate military intervention.

Worryingly, perceptions of important democratic governance practices have either been declining over time, as in the case of presidential respect for the courts and Parliament, or have remained stagnant at very low levels, as in the case of equal treatment before the law.

The report also includes country democracy scorecards (https://apo-opa.co/3y4S0rC) that present graphic illustrations of Afrobarometer findings on the most critical indicators of democratic demand and supply for each of the countries surveyed.

Afrobarometer survey

Afrobarometer is a pan-African, non-partisan survey research network that provides reliable data on African experiences and evaluations of democracy, governance, and quality of life. Nine survey rounds in up to 42 countries have been completed since 1999. Round 9 surveys (2021/2023) cover 39 countries.

Afrobarometer’s national partners conduct face-to-face interviews in the language of the respondent’s choice. National samples of 1,200-2,400 yield country-level results with margins of error of +/-2 to +/-3 percentage points at a 95% confidence level.

Key findings

Support for democracy

On average across 39 countries, support for democracy remains robust: Two-thirds (66%) of Africans say they prefer democracy to any other system of government, and large majorities reject one-man rule (80%), one-party rule (78%), and military rule (66%) (Figure 1).
But across 30 countries surveyed consistently over the past decade, support for democracy has declined by 7 percentage points, including by 29 points in South Africa and 23 points in Mali (Figure 2).
Opposition to military rule has weakened by 11 points across 30 countries, most dramatically in Mali and Burkina Faso (by 40 and 37 points, respectively) (Figure 3).
More than half of Africans (53% across 39 countries) are willing to accept a military takeover if elected leaders “abuse power for their own ends.”
Growing majorities call for government accountability and the rule of law, and support for other democratic norms has held steady over the past decade, including presidential accountability to Parliament, multiparty competition, presidential term limits, and media freedom.
But support for elections has dropped by 8 percentage points across 30 countries, though a large majority still consider it the best method for choosing their leaders.

Supply of democracy

Fewer than half (45%) of Africans in the 39 countries surveyed think their countries are mostly or completely democratic, and only 37% say they are satisfied with the way democracy works in their countries.
Across 30 countries, both indicators show declines – of 8 and 11 percentage points, respectively – over the past decade (Figure 4).
Other indicators of democratic supply, including citizen assessments of the quality of elections (-7 points) and their president’s accountability to Parliament (-7 points) and the courts (-6 points), also show modest declines.
Satisfaction with democracy has dropped precipitously in some of Africa’s most high-profile democracies, including Botswana (-40 points), Mauritius (-40 points), and South Africa (-35 points) (Figure 5).

Drivers of democratic attitudes

Support for democracy as a system of government is resilient to economic and social deficiencies (Figure 6).
Where we see declines in support for democracy, they are most closely linked to adverse changes in political performance, such as declining election quality, increasing levels of corruption, and failure to promote the rule of law.
Deepening citizen dissatisfaction with how democracy is performing is strongly associated with perceived declines in both socioeconomic and political performance (Figure 7).

Distributed by APO Group on behalf of Afrobarometer.

Download more images: https://apo-opa.co/3SaOKSk

For more information, please contact:
Josephine Appiah-Nyamekye Sanny
Acting Director of Communications
Email: jappiah@afrobarometer.org
Telephone: +233 243240933
Visit us online at www.Afrobarometer.org

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