The African Export-Import Bank(Afreximbank) has partnered with ARISE IIP and the governments of Chad, Malawi, Zimbabwe, and Egypt to implement the Export Agriculture for Food Security Initiative. The initiative aims to enhance food security in Africa.
Afreximbank is investing US$2 billion in the ExAFS initiative, aiming to boost agricultural production, processing, and trade in Africa, enabling farmers and agribusinesses to access larger markets.
Prof. Benedict Oramah, President and Chairman of Afreximbank’s Board of Directors, signed a framework agreement at the fifth day of the third Intra-African Trade Fair (IATF2023).
The signing ceremony included various ministers from Chad, Malawi, Zimbabwe, Egypt, and ARISE IIP, including Robertine Walendom, Sosten Gwengwe, Dr. Anxious Masuka, Dr. Rania A. Al-Mashat, and Gagan Gupta.
ExAFS aims to tackle food insecurity in Africa by reducing dependence on other regions, increasing sales, improving prices, and improving profitability for Africa’s agricultural value chain stakeholders.
The initiative plans to utilize public-private partnerships to establish agricultural transformation centres in production zones, enabling community-sourced agricultural produce collection, sorting, storage, and transportation for processing or distribution.
ATCs will offer farmers additional services such as micro finance, basic social services, cold storage facilities, extension services, and training.
Afreximbank will finance, facilitate, and advise partnership activities, while Zimbabwe, Malawi, and Chad’s governments will act as policy enablers and create conducive environments for ATCs.
Anchor investors, including zone developers, commercial farmers, seed companies, and development finance institutions, will invest in ATCs and infrastructure, while the Egyptian Government will be the primary export market.