IGD Panel Session Aims to Accelerate Action On Financing African Agro-Processing Industry

5 July 2018

Afreximbank President Dr. Benedict Okey Oramah to Deliver Remarks at the Opening Reception

WASHINGTON D.C. - July 5, 2018 - The agro-processing industry offers tremendous potential in accelerating sustainable economic growth and job creation for African economies. Yet, the African agriculture sector receives less than 3% of financing from the banking and finance sector.

To boost the flow of financing to African companies in the agro-processing industry, the Initiative for Global Development (IGD) will hold a panel session, "Unlocking Agriculture's Economic Potential in ECOWAS Countries through Agro-industry and Agro-processing", on July 11-12, on the sidelines of African Export-Import Bank's annual meeting at the Transcorp Hilton Abuja Hotel in Abuja, Nigeria.

To celebrate the bank's 25th anniversary, the Afreximbank Annual Meeting will bring together some 2,500 business, government and international leaders from more than 60 countries under the theme, "Celebrating the past: Shaping the future", to discuss how to shape the future of Africa's trade development.

Afreximbank President Dr. Benedict Okey Oramah will offer remarks at the opening private reception for participants on the evening of July 11. Afreximbank is the Premier Sponsor and Collaborating Partner of the side event.

Organized in partnership with the West Africa Bankers Association, leading African and global private sector leaders and investors will generate action-oriented solutions during a half-day forum on July 12, on how financial institutions can deliver improved access financing for small and medium-sized enterprises (SMEs) working in agro-industry.

The panel discussion will also explore innovative products and services that provide appropriate financing mechanisms to scale up agricultural value chains within countries and through intra-Africa trade.

Financing opportunities to bolster farm productivity through mechanization and investments in agriculture-related infrastructure, power for agriculture processing, as well as storage and logistical support will be highlighted during the side event.

"Agro-industrialization can drive sustainable economic development and contribute to economic prosperity in Africa," said Dr. Mima S. Nedelcovych, IGD President & CEO.

"As we look at the future of trade in Africa, bankers and agribusiness leaders must collectively explore innovative financing of the agro-industry to close the SME financing gap to help boost intra-Africa trade and shape the continent's transformation," said Nedelcovych.

Yewande Kazeem of Wandieville Media, who has vast experience in creating powerful visuals and captivating stories on the African agriculture sector, will serve as moderator of the side event.

The Platinum sponsor of the side event is Flour Mills of Nigeria and Gold sponsors are Trimble and John Deere, and Fayus Inc. and Silver sponsor, TGI Group. Wandieville Media and Center Africa Broadcasting Network are the media sponsors.

If your media organization would like to cover the side event, please register here. For more information, please contact Shanta Bryant Gyan, IGD Vice President for Communications, at sbryant@igdleaders.org or call (202) 412-4603.

Founded in 2003 by Bill Gates Sr. and U.S. business leaders, the Initiative for Global Development (IGD) is a Washington, DC-based network of African and global business leaders who are committed to advancing sustainable development and inclusive growth in Africa through business investment. IGD brings together CEOs and senior executives from leading African and global companies through our Frontier Leader Network to catalyze greater business investment and impact on the African continent.

MEDIA CONTACT: Shanta Bryant Gyan, Initiative for Global Development * email, sbryant@igdleaders.org * phone, 202-412-4603

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