On Friday 14 June, the African Development Bank (AfDB) will launch a project to finance fertilisers for sustainable agricultural management.
According to Forbes Africa Lusophone magazine, this project, which is part of the African fertiliser financing mechanism, aims to benefit 300,000 small farmers in the country by significantly increasing access to fertilisers.
According to a statement from the AfDB, the project includes a partial commercial credit guarantee worth 126.5 million meticals (2 million dollars), aimed at suppliers and distributors, which will enable the delivery of 60,000 tonnes of fertiliser. “In addition, a grant of 55.5 million meticals (877.9 dollars) will be awarded to support activities related to soil health and the training of small farmers,” the statement added.
The statement also said that the African fertiliser financing mechanism, managed by the AfDB, is a special fund dedicated to offering innovative financing solutions that promote the use of fertilisers and increase agricultural productivity in the bank’s member countries.
The institution has been leading the transformation of Africa’s development landscape as a solutions bank since its creation in 1964, with an investment of 12.65 trillion meticals (200 billion dollars) in projects across the continent. According to a recent press release from the institution, its investments in Africa, through its five strategic priorities, known as the High 5 (Light up and electrify; Feed; Integrate; Industrialise Africa and Improve people’s quality of life), have had an impact on more than 400 million Africans.
