The Board of Directors of the African Development Fund has approved an additional $10 million from the Global Agriculture and Food Security Program (GAFSP) to implement activities and scale up the impact of the Smallholder Agriculture Development for Food and Nutrition Security project in Liberia.

The project aims to improve food and nutrition security and reduce poverty of targeted rural populations in Liberia by increasing agricultural production and productivity of smallholder farmers (with a focus on food crops such as rice, cassava, and vegetables), improve smallholders’ value addition, market access, and income and strengthen the capacity of government institutions, farmers, and producer organizations.

Liberia has been affected by increases in the prices of imported agricultural inputs. Rising energy costs, and the continued fallout from the multiple shocks have also destabilized the fertilizer sector. The hike in fertilizer prices is causing food prices to escalate, making it mandatory for food import-dependent countries, such as Liberia, to maximize efforts to boost local food production  to avert the impact on food and nutrition security.

The first financing for the project was approved in June 2021. The original project outcomes are to increase productivity of rice and cassava to 3.5 Mt/ha and 25Mt/ha respectively.  

The additional funding will target around 18,260 households in addition to the existing 11,740 households and 15,000 students for the home-grown school feeding activities program.

This project will also strengthen sustainable crop production and intensification by producing breeder seeds, foundation, and certified seeds for farmers cultivating 7,000 ha of land; support value addition and linking farmers and processors to markets through the establishment of six post-harvest facilities for primary processing of cassava and rice with the help of four aggregation centres located near the processing centres.

Other expected outputs from the project include strengthening participatory farmer advisory services, supporting national food safety and security, and strengthening the capacity of the Ministry of Agriculture in investment planning and implementation.

The total project cost is estimated at $19.08 million, with $18.2 million from the Global Agriculture and Food Security Program (GAFSP), $ 429,027 from the African Development Fund and $453,000 from the Liberian government.

The proposed project is anchored on government priorities to improve food security and strengthen livelihood, agricultural transformation, and economic prosperity for all.

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

Contact: 
Desiree Bataba
Communication and External Relations Department
email: 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

About GAFSP: 
The Global Agriculture Food and Security Program (GAFSP) was established as a response to the 2008/09 global food price crisis, following the G8 commitment in September 2009 in Pittsburgh to mobilize up to USD 20 billion for agricultural development and food security. The objective of the GAFSP Financial Intermediary Fund (Grants) is to address the underfunding of country and regional agriculture and food security strategic investment plans already being developed by countries thereby contributing to the achievement of the Sustainable Development Goals to end poverty and hunger by 2030.

Currently, the Bank has six (6) active projects worth $74.52 million at various stages of implementation (Central African Republic, Gambia, Côte d’Ivoire, Liberia, Tanzania, Senegal). Eight (8) projects are currently being prepared including for additional financing (Gambia, Ghana, Guinea Bissau, Mauritania, Liberia, Senegal, Tanzania (x2) for a total value of $94.35 million. Projects in Ghana, Senegal, Tanzania and Guinea Bissau have been recently approved and set to start activities very soon.

The 4th Meeting of the Arab-Africa Trade Bridges (AATB) Board of Governors (BoG) alongside the 11th Meeting of the AATB Executive Committee (EC) will take place on July 1-2, 2024, in Tunis, Republic of Tunisia. In addition, AATB will be a strategic partner and sponsor the Tunisia Africa Business Meetings (TABM) 2024. This significant event, held in collaboration with the Government of Tunisia, aims to strengthen economic cooperation and enhance trade relationships between Arab and African nations.

The AATB Program, launched in February 2017, has successfully organized three Board of Governors meetings, and this fourth assembly marks a pivotal step in advancing its mission. The meetings will focus on several key objectives, including raising awareness about the AATB Program among participating delegations, providing strategic guidance for the institutionalization of the program, and fostering stronger relationships among member countries.

The events will feature the participation of over 400 attendees in the plenary session, with more than 20 delegations expected at the 4th BoG meeting and 6 delegations at the 11th EC meeting. Key outcomes anticipated the achievements of the AATB Program and the implementation of the Operational Plan, the enhanced coordination of AATB activities with partner objectives, and increased engagement and commitment from member countries and organizations.

A main highlight of the event will be a roundtable discussion on “Bridging the gap on Food Security”. In 2023, AATB launched an initiative designed to address the pressing challenges of food security in the region. This program aims to enhance agricultural productivity, ensure sustainable food systems, and improve the livelihoods of communities across Arab and African countries.

The upcoming meeting will witness the participation of key AATB partners, including the African Export-Import Bank (Afreximbank), the Arab Bank for Economic Development in Africa (BADEA), the Islamic Development Bank (IsDB), the International Islamic Trade Finance Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and the Islamic Corporation for the Development of the Private Sector (ICD).

These organizations have been instrumental in advancing the AATB’s objectives through strategic initiatives and financing programs.

Agenda Highlights:

Review of the AATB Program’s Progress: An assessment of the initiatives launched under the program, including Food Security program, Institutionalization project and Arab Africa Guarantee Fund.
Focus on Strategic Partnerships: Discussions on enhancing existing collaborations to facilitate cross-border trade and investment.
The AATB Operational Plan: Partnerships with member countries and organizations: Country programs, Regional projects, Capacity-building initiatives, and AATB events.

Eng. Hani Salem Sonbol, Secretary General of AATB, emphasized the importance of this collaboration, stating, “This 4th AATB Board of Governors meeting is an important step for AATB, as it comes at a critical juncture in our efforts to institutionalize the program and deepen our impact. Our partnership with the Tunisia Africa Business Meeting underscores our commitment to driving sustainable economic growth and addressing key challenges like food security. We are excited about the opportunities this event presents for deepening our cooperation and creating lasting impact.”. “

The Tunisia Africa Business Meeting organized by CEPEX, the Tunisia Export Agency, in which AATB is the premium partner will convene a diverse group of participants, including private Sector Companies in Tunisia and Africa, ministers, CEOs, and high-ranking officials from Arab and African countries. Attendees will engage in meaningful discussions, sign agreements and memoranda of understanding, and explore innovative solutions to enhance the trade relations between the two regions.

In addition to the formal sessions, the event will facilitate B2B professional meetings, offering a dynamic platform for businesses to network, forge partnerships, and explore new trade and investment opportunities.

The Government of Tunisia’s support and the strategic location of Tunis enhance the significance of this gathering, highlighting Tunisia’s pivotal role in fostering trade and economic cooperation within the region.

Distributed by APO Group on behalf of The Arab Africa Trade Bridges Program (AATB).

Contact us: 
Twitter: @aatb_program 
Facebook: @aatbprogram  
E-mail: aatb@itfc-idb.org

About the Arab-Africa Trade Bridges (AATB) Program: 
The AATB Program is a multi-donor, multi-country, and multi-organizations program supported by the African Export-Import Bank (Afreximbank), Arab Bank for Economic Development in Africa (BADEA), Islamic Development Bank, the International Islamic Trade Finance Corporation (ITFC) The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and The Islamic Corporation for the Development of the Private Sector (ICD).  The Program aims to promote and increase trade and investment flows between African and Arab OIC member countries; provide and support trade finance and export credit insurance and enhance existing capacity-building tools relating to trade. The Program specifically focuses on supporting the key sectors of agriculture and related industries including textiles; the health industry including pharmaceuticals; infrastructure and transport; and petrochemicals, construction material, and technology.  

The decision by South Africa’s highest court to refuse the Minister of Home Affairs’ leave to an appeal, cements a landmark ruling for The Helen Suzman Foundatoin (HSF), represented by DLA Piper (https://www.DLAPiper.com), that successfully challenged the decision to terminate the Zimbabwean Exemption Permit Regime (ZEP).

The Constitutional Court of South Africa refused the Minister of Home Affairs’ application for leave to appeal in the ZEP case, bringing to a close our challenge of the unlawful termination of the ZEP regime, which affected some 178,000 people who had been legally living, working, and building families in South Africa for almost 15 years.

The Constitution enshrines that every person living within our borders deserves to be treated with fairness and respect for their dignity, and that is the principle that every government sworn in under the Constitution is bound to honour.

Naseema Fakir, Executive Director, Helen Suzman Foundation, commented: “Government cannot operate in obscurity. Our democracy requires that administrative decisions like this, that adversely affect people’s, rights must be opened to public scrutiny and comment. This is so that the government can exercise its power with accountability and with all the information it needs to treat people fairly and in accordance with the Constitution.” 

Nicolas Patrick, Pro Bono and Responsible Business partner at DLA Piper, added: “This landmark decision achieves justice for thousands of Zimbabwean legal residents in South Africa and upholds the progressive spirit of the South African constitution, one of the finest in the world. We are proud to have joined the Helen Suzman Foundation in challenging the termination of the ZEP regime, and to have contributed to protecting the right of people living in South Africa to fair administrative action.”

Distributed by APO Group on behalf of DLA Piper.

Contact:
Peter Otero
PR and Comms Manager
DLA Piper
tel, +44 207 153 2617
email. Peter.otero@dlapiper.com

Notes to Editors

Zimbabwean Exemption Permits (ZEP): 
In April 2009, South Africa established the Dispensation of Zimbabwean Permit (DZP) to regularise the status of thousands of Zimbabwean nationals who had fled political and economic instability in their country, mostly between 2007 and 2009. The special exemption was reissued in 2014, and then again in 2017, as the ZEP.

Those applying for the ZEP had to show that they had the financial means to support themselves in South Africa and that they had no criminal record. As a result, today ZEP holders are a population of law abiding and economically active foreign nationals who have built lives in South Africa over the last thirteen years – after being forced to do so as a result of desperate conditions in Zimbabwe. Many ZEP holders have children who know no home but South Africa.

About the Helen Suman Foundation:
The Helen Suzman Foundation aims to promote constitutional democracy, rule of law and human rights in South Africa. In particular it seeks to undertake public interest litigation that safeguards the rights of vulnerable persons who are unable to utilise the ordinary political process in order to do so; to support public advocacy interventions and dialogue that promote public participation and deliberation and so result in informed, reasoned decision-making; and to end impunity for systematic criminal conduct destructive of a constitutional state — whether for state capture-related crimes or apartheid era atrocities.

About DLA Piper:
DLA Piper is a global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world. In certain jurisdictions, this information may be considered attorney advertising. DLAPiper.com

The second day of African Export-Import Bank’s (Afreximbank) (www.Afreximbank.com) Annual Meetings (AAM 2024) that took place in The Bahamas from June 12 – 15 featured a highly informative Roundtable focusing on Factoring and Receivables Finance. This Roundtable brought together industry leaders, experts and stakeholders from Africa, the Caribbean Community (CARICOM) and beyond, to explore the multifaceted aspects of factoring and its implications for regional development, particularly within the Caribbean region. There were insightful discussions on the mechanics of factoring, its benefits, and practical strategies for implementation.

Mrs. Kanayo Awani, Executive Vice President of Intra African Trade&Export Development Bank, Afreximbank and Executive Committee Member of FCI opened the forum where she delivered the opening remarks. She was accompanied by Mr. John Rolle, Governor, Central Bank of The Commonwealth of The Bahamas.

Mrs. Awani noted that the objective of the Roundtable was to create awareness and offer insights into factoring as a viable financing solution for Small and Medium Enterprises (SMEs) in the CARICOM, noting that the SME situation in the region bore similarities to Africa. She explained that SMEs in the Caribbean are acknowledged as a vital yet struggling segment of the economies of the CARICOM countries. As the majority of firms in the region, they significantly contribute to the 70% of employment generated by the private sector, and account for about 40% of the region’s GDP; and just like in Africa, SMEs lack access to finance, to launch, develop, and grow.

Mrs. Awani said: “The cumulative outcome of Afreximbank’s initiatives in factoring in Africa over the last decade is an increase in affordable financing to SMEs as evidenced by the increase in factoring volumes in Africa to €48 billion in 2023, with a growth projection of €100 billion by 2030. The goal is to replicate a similar successful programme in the CARICOM.”

The Roundtable offered a sense of hope and optimism for the future of factoring in the CARICOM where the potential market volume is estimated between €7 billion and €10 billion. This envisions a future where SMEs can access competitively priced financing devoid of the burden of collateral requirements and high loan rejection rates. To achieve these objectives, she called for partnership and cooperation.

The Governor of the Central Bank of Bahamas welcomed the Afreximbank initiative, aimed at raising the level of awareness of factoring, receivables and supply chain finance in his country. He said factoring will help bring the much-needed working capital to local producers, service providers and exporters, especially SMEs who are the key drivers of economic growth globally.

He noted that the event was timely as it dovetails into his Government’s plan to put in place the right environment for factoring. The Government of The Bahamas adopted secured transaction reforms, supported by the World Bank and International Finance Corporation (IFC). This contributed to the enhancement of laws pertaining to factoring and receivables finance in The Bahamas.

He further advised that as part of this initiative, the Government also approved the adoption of a collateral registry, which will also incorporate a receivables registry, therefore helping to increase transparency and reduce fraud within commercial banks and NBFIs which are expected to provide factoring services against the receivables of domestic manufacturers and service providers in The Bahamas. 

Mr. Peter Mulroy, the former FCI Secretary General, shared valuable insights into factoring, covering its definition, types, evolution, advantages, and current global and regional trends. He presented on the topic “Insight into Factoring including its Advantages,” covering the history of factoring and receivables finance in general, and the development of factoring in the Caribbean region in particular. 

He noted that the Factoring Roundtable in The Bahamas was symbolic – following the very first factoring transaction dating back to the mid-18th century in Barbados during the era of common law factoring.  Modern factoring in the Caribbean only commenced in the 1980s. 

According to Mr. Mulroy, research shows that the industry’s overall growth rate exceeded 3.6% in 2023 compared to a high of +17.3% recorded in 2022, marking a major shift from the accelerated growth rates stimulated by GDP increases after the onslaught of the Pandemic, as well as significant global inflation experienced in 2021-2022. 

His research on factoring is still quite undeveloped in the Caribbean region but with the implementation of the right legal and regulatory framework, the development of an active factoring sector and the education and enlightenment of the proven benefits of factoring to businesses throughout the region, the upside potential is enormous, with an estimated market size of nearly €10 billion in factored volume by 2040.

The event featured an illuminating panel discussion moderated by Wole Famurewa, CNBC Africa Anchor. Panelists included representatives from the Bahamas Chamber of Commerce, Simplified Lending Bahamas, Woodhall Capital International Limited UK, Nigeria Export-Import Bank, and Afreximbank. Topics ranged from identifying key challenges of factoring to strategies for collaboration between stakeholders and the development of factoring in CARICOM.

Distributed by APO Group on behalf of Afreximbank.

Media Contact: 
Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com  

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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com