• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Monday, June 2, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Foreign

AfDB approves €63 loan to Kenya

Kenya

The Matters Press by The Matters Press
July 15, 2022
Reading Time: 2 mins read
0
Nigeria gets AfDB’s $14m as member of ATI

AfDB

The Board of Directors of the African Development Bank Group has approved a €63 million loan to Kenya to significantly boost cereals and oil seeds production by over 1.5 million metric tonnes over the next two years.
 
The production increase will help bolster national food security and economic resilience.

RELATED POSTS

CUPP goofs over President Tinubu’s 2027 endorsement by governors

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

Tinubu explains mission as he marks second year in office

The loan is part of the African Development Bank’s $1.5 billion African Emergency Food Production Facility, an Africa-wide initiative to avert a looming food crisis exacerbated by the war in Ukraine.

The loan will support the country’s Ministry of Agriculture, Livestock, Fisheries and Cooperatives (MoALFC). It will enable the government to promptly provide affordable fertilizer and seeds to farmers ahead of the October-December 2022 short rains and into the 2022/2023 long rains crop production season.

“We are pleased to present the Kenya African Emergency Food Production Facility,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development.

“Successful implementation of the Facility will see some 650,000 farmer direct beneficiaries, resulting in the production of 1.5 million tonnes of cereals and oil seeds. In all, the Facility will positively impact some 2.8 million people,” she added.

The project entails the delivery of certified seeds, fertilizers and agricultural extension to 650,000 farmers to boost productivity. An e-voucher system will be used to ensure that subsidies for inputs are “smart”.

Another component of the project will provide trade finance guarantees and leverage the private sector to ensure sufficient volumes of fertilizer are available to farmers. In addition to boosting staple food availability, the project, which targets smallholder farmers, is expected to particularly benefit women and youth.

“The government is looking into ways and means of addressing the cost of ‘unga’ (maize flour) to bring it down so that consumers can afford it,” said Peter Munya, Cabinet Secretary for the MoALFC.

The agriculture sector remains the backbone of the Kenyan economy, employing 70% of the rural population and accounting for about 65% of export earnings, although its share in the GDP has declined over the recent past.

Still, Kenya—and other countries in East Africa and the Horn of Africa — have been hit hard by not only the inflationary effects of the war in Ukraine, but also locust swarms and climate- and drought-related impacts.

The number of food-insecure people in the country’s pastoral and marginal areas rose by 48% between August 2021 and February 2022, according to estimates.

These overlapping shocks—together with the Covid-19 pandemic–have set back Kenya’s progress towards achieving the sustainable development goals.

On May 20, the Bank Group’s Board of Directors approved the African Emergency Food Production Facility, which will provide agricultural seeds to 20 million African farmers.

The goal is to produce an additional 38 million tonnes of food, primarily wheat, maize, rice and soybeans that will generate $12 billion over the next two years.

Tags: AfDBKenya
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Nigerians to own brand new vehicles, goods through new credit scheme initiative
Economy/Technology

Tinubu explains mission as he marks second year in office

May 29, 2025
Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

Increasing oil rigs, a big score for Nigeria’s petroleum sector reforms

May 26, 2025
Group hails Presidential Council initiative, welcomes President Tinubu’s N2tn stabilisation package
Economy/Technology

Pope’s invitation to Tinubu reflects Nigeria’s relevance in global affairs -TMSG

May 24, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
Economy/Technology

Tinubu espouses Nigeria’s unity, diversity at Pope Leo’s inauguration

May 22, 2025
Next Post

Echoes of Nigeria’s rising debt

SON alerts on second hand gas cylinders

Nigerian Gas Association urges MDAs to switch to gas-fired generators

Recommended Stories

Job loss fear confirmed as more AI tools launch

Minister inaugurates evaluation team on digital sector’s performance

March 9, 2024
Nissan recalls 1,150,000 vehicles in 3 months

Experts urge collaboration to advance industrialisation in Africa

November 19, 2023
China’s trade surplus with U.S dips

Nigeria-UK trade higher in June

September 4, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • CUPP goofs over President Tinubu’s 2027 endorsement by governors
  • Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling
  • Tinubu explains mission as he marks second year in office

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us