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A deal worth US$2 billion has been sealed in Cairo between African Export-Import Bank (Afreximbank) and ARISE Integrated Platforms (ARISE IIP), government of Chad, Malawi, Zimbabwe and Egypt.
A framework agreement for the Export Agriculture for Food Security (ExAFS) seeks to enhance food security in Africa.
The bank is working with strategic partners and member countries in facilitating the implementation of the ExAFS initiative.
The US$2 billion, it is said, would boost production, processing and Intra-Africa trade in agricultural products and provide African farmers and agribusinesses with opportunities to access larger markets across the continent.
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The President and Chairman of the Board of Directors, Prof Benedict Oramah, signed on behalf of Afreximbank while Minister of Industry and Trade of Chad, Robertine Walendom, Sosten Gwengwe, Minister of Industry and Trade of Malawi, Minister of Lands, Agriculture, Fisheries, Water and Rural Development of Zimbabwe, Anxious Masuka, Minister of International Cooperation of Egypt Dr. Rania A. Al-Mashat, ARISE IIP Founder and Chief Executive Officer Gagan Gupta, signed for their respective governments.
The initiative is intended to help address food insecurity in Africa, which includes a near 20 percent hunger rate, by reducing dependence on other regions for much needed food commodities.
ExAFS would also increase sales, lead to better prices, and improve profitability for Africa’s agricultural value chain stakeholders.
This would leverage upon the establishment of agricultural transformation centres (ATCs) – under a public-private partnership model – in agricultural production zones to provide facilities for agricultural produce from farming communities to be collected, sorted, stored, and transported as raw material for processing or distribution.
ATCs would also provide additional services to farmers, including micro finance, basic social services, cold storage facilities, extension services and training.
Afreximbank would act as financier, facilitator and advisor and would lead to the implementation of partnership activities.
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