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Empowering Cooperative Societies: Africa Prime Funding Grants (APFG)

Introduction: In the rich and diverse tapestry of Africa’s economic landscape, cooperative societies stand as the vibrant threads that weave communities together, foster entrepreneurship, and drive local development. Recognizing their pivotal role in shaping the continent’s future, Africa Prime Funding Grants (APFG) has emerged as a beacon of hope and opportunity, offering financial grants that empower cooperative societies across the continent. The Heart of APFG: Empowering Cooperative Societies At the core of APFG’s mission lies a commitment to empower cooperative societies. APFG is more than just a grant provider; it’s a catalyst for change, a partner in progress, and a champion of community-driven growth. Our mission is resolute: to unlock the potential of cooperative societies, fueling economic prosperity and enhancing social well-being in every corner of Africa. Why Cooperative Societies Matter: Cooperative societies are the driving force behind sustainable development in Africa, powered by shared values and a steadfast commitment to community welfare. These societies encompass a wide range of sectors, from agriculture and manufacturing to services and finance. Their contributions are multifaceted and include: The APFG Difference: Fueling Cooperative Growth APFG stands as a beacon of support for cooperative societies, helping them not only survive but thrive, making a lasting impact on their communities. Here’s how APFG’s financial grants benefit cooperative societies: Eligibility Criteria: To apply for APFG grants, cooperative societies must meet these specific criteria: Applying for APFG Grants: Your Path to Empowerment Embarking on the journey with APFG is a straightforward process: Conclusion: Join the APFG Movement Africa Prime Funding Grants (APFG) extends an open invitation to cooperative societies across Africa to join our movement, to transform dreams into reality, and to collectively shape a brighter, more prosperous future for the continent. Together, we can build stronger, more vibrant communities and create an enduring impact that resonates through generations. APFG is more than a mere grant provider; we are your unwavering partner in progress. Discover the possibilities and take the first step towards empowerment today at https://africaprimegrants.org/clone/.

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Ethiopia and African Development Bank Group ink $84.3 million grant agreement to enhance wheat production

The African Development Bank Group has awarded grant funding totalling $84.3 million to Ethiopia to advance wheat production and increase farmers’ incomes. Ethiopia’s Finance Minister Ahmed Shide and African Development Bank Group Deputy Director General for East Africa, Abdul Kamara, signed the grant agreement on 2 August 2023 for the implementation of the country’s Climate Resilient Wheat Value Chain Development Project (CREW). The grant comprises $54 million from the African Development Fund, the Bank Group’s concessional lending window for low-income countries, $20 million from the Government of the Netherlands, $10 million from agribusiness firm OCP Africa, and $300,000 from the Global Center on Adaptation. The Ethiopian government will contribute $10 million in counterpart funding for the project. The project has three components: Climate Smart Wheat Productivity and Production; Market Infrastructure, Linkages, and Agri-Finance; and Project Coordination and Management. Under its flagship Technologies for African Agricultural Transformation (TAAT) initiative, the African Development Bank Group has supported Ethiopia and several other countries across the continent to boost productivity in agriculture. CREW was designed to scale up and sustain TAAT’s successful results. The plan, which supports Ethiopia’s wheat self-sufficiency initiatives, will be implemented over five years. The project will benefit 500,000 small-scale farmer households. In his remarks during the signing, held in Addis Ababa, Kamara said: “The CREW Project will ensure that farmers in Ethiopia can access agricultural inputs to raise local production of wheat such that supply disruptions resulting from the Russia—Ukraine crisis do not worsen the food security situation already made precarious by Covid-19, climate change and rising cost of living. It also seeks to sustain Ethiopia’s exemplary strides in attaining wheat self-sufficiency and export orientation, a model that other African countries should emulate.” He added: “The signing of this grant demonstrates the Bank’s unwavering commitment to supporting Ethiopia and its people, and further reaffirms the partnership between the Bank and the government towards achieving Ethiopia’s vision of becoming a lower middle-income country by 2025.” On his part, the Minister of Finance, H.E. Ahmed Shide, lauded the Bank’s support, underscoring that the project will accelerate and sustain the government’s wheat self-sufficiency initiatives. Ethiopia is the second largest wheat producer in sub-Saharan Africa, after South Africa. The country plans to become wheat self-sufficient and net exporter by 2025/26, aiming to produce an additional 4.2 million tonnes of irrigated wheat by deploying proven technologies and innovations such as TAAT. The grant brings the Bank’s current commitment to Ethiopia to $1.23 billion, covering the key sectors of basic services, energy, transport, water supply and sanitation, agriculture and the private sector.

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Eritrea: The African Development Bank Board approves US$49.92 million to Build a 30 MW Solar Photovoltaic Power Plant in Dekemhare

Financing   Objectives   Components Target area and population  The project entails the construction of a grid-connected solar photovoltaic power plant near the town of Dekemhare 40 km southeast of the capital Asmara, and to increase the capacity to supply clean and affordable electricity.  Expected outcomes  Beneficiaries The Government of Eritrea is the beneficiary of the grant, and the Ministry of Energy and Mines is responsible for its implementation. Context Eritrea experiences inadequate, unreliable, expensive and polluting electricity supply. The available capacity is 35 MW for a peak demand of about 70 MW. Consequently, frequent load-shedding periods affect businesses and the population. The project aligns with the objectives of the 2018 National Energy Policy, which underscores Eritrea’s Vision 2030 and aims to increase the electrification rate across the country and supply 20% of electric power demand through renewable energy sources by 2030, guide the transition from over-reliance on fossil fuels for power generation to renewable energy such as solar, wind and geothermal, and develop energy infrastructure to support agricultural production, food security and value chain development.  The project is aligned with Eritrea’s development priorities and objectives, including agriculture, nutrition and food security, infrastructure (including energy) and the green economy (including renewable energy).  The project aligns with the Bank’s new Interim Country Strategy Paper (2022- 2024) for Eritrea, focusing on a single priority area: “the development of quality and sustainable infrastructure to support agricultural value chains and ensure economic diversification and structural transformation”. The project is also in alignment with the Bank’s Desert to Power project that will provide renewable energy via solar for 250 million people across eleven countries in the Sahel and East Africa. When completed it will become the largest solar zone in the world.

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African Development Fund approves $16 million for Youth Entrepreneurship Investment Bank in Liberia

In an exciting move to unleash the business potential of young Liberians, the Board of Directors of the African Development Fund (ADF) has given the green light for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in the West African country. Approximately $16 million has been allocated to finance this strategic initiative, which targets youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors. The Youth Entrepreneurship Investment Bank is anticipated to support over 30,000 youth-led businesses during the next 17 years. The YEIB will be the initial catalyst for developing a financial ecosystem for youth entrepreneurship in Liberia, which is currently non-existent. “By creating 120,000 direct and indirect jobs and unlocking approximately US$500 million in additional lending, it could lay the groundwork for future, potentially more profitable investments. The YEIB is a long-term investment with a significant impact on job creation and financial inclusion,” said African Development Bank Group Country Manager for Liberia, Benedict Kanu. Liberia’s youthful population, accounting for over 60% of its citizens, is experiencing high unemployment meaning many young people do not get the opportunities they deserve. “With about 45% of its youth not involved in employment, education, or training, Liberia is facing daunting youth employment challenges, with notable implications for social cohesion, fragility, and resilience,” Kanu added. A primary cause has been the absence of adequate financial literacy, education, and entrepreneurial skills. Micro, small, and medium enterprises—vital contributors to Liberia’s economic growth—are particularly hard hit, with up to 90% failing within the first year of operation. The Youth Entrepreneurship and Investment Bank project will help mitigate these issues by providing financial and non-financial services for young entrepreneurs, ensuring inclusion, reducing vulnerabilities, and preparing for long-term sustainability. The establishment of a Youth Entrepreneurship Investment Bank in Liberia will enhance institutional stewardship and oversight of the youth entrepreneurship ecosystem, thus helping to drive economic growth and development.  African Development Bank Group Financial Sector Development Acting Director Ahmed Attout  said the launch of the Youth Entrepreneurship Investment Bank project in Liberia was a landmark moment. “Fostering youth entrepreneurship is at the heart of our mission,” Attout said. “The Youth Entrepreneurship Investment Bank project is a testament to this commitment; an investment in our youth is an investment in Africa’s future,” he said. Attout said beyond finances, the project was “about capacity building, promoting innovation, and empowering our youth to drive economic transformation”. Liberia presents numerous opportunities for investment, especially in the agriculture sector, which engages about 70% of the population. Further, sectors like IT, renewable energy, and light industrial manufacturing offer promising avenues for investment. The implementation of the Youth Entrepreneurship Investment Bank project will be carried out in close collaboration with a range of key stakeholders, including the government, commercial banks, and micro, small, and medium enterprises.

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