Africa Fertilizer Financing Mechanism to Launch Fertilizer Financing for Sustainable Agriculture Management Project in Kenya

8 April 2024
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African Development Bank (Abidjan)
announcement

What: Launch of the Fertilizer Financing for Sustainable Agriculture Management Project in Kenya

Who: The Africa Fertilizer Financing Mechanism

When: Tuesday, 9 April 2024; 08:00 - 16:00 EAT

Where: African Development Bank Group East Africa Regional Hub, Khushee Tower, Longonot Road, Upper Hill, Nairobi, Kenya

The Africa Fertilizer Financing Mechanism (AFFM) will, on 9 April 2024, launch its Fertilizer Financing for Sustainable Agriculture Management Project aimed at boosting access to fertilizer for over 100,000 smallholder farmers in Kenya.

The project entails a $2 million partial credit guarantee and a $219,000 grant to Nairobi-based technology company Apollo Agriculture Limited, enabling the delivery of nearly 8,000 tonnes of fertilizer.

The official opening ceremony for the project launch will feature Kenya's Permanent Secretary for Agriculture, Dr Paul K. Ronoh; African Development Bank's East Africa Director General, Nnenna Nwabufo; Norway's Ambassador to Kenya, Gunnar Andreas Holm; and the CEO of Apollo Agriculture Limited, Benjamin Njenga.

Representatives from the Norwegian Agency for Development Cooperation, one of AFFM's donors, and the Agricultural Finance Corporation will also be present.

The AFFM, administered by the African Development Bank Group, is a special fund that provides innovative financing solutions to accelerate fertilizer usage in Africa and improve agricultural productivity across the Bank's regional member countries.

Media contact: Nguegan Nelly Farah | Communication Specialist | [email protected]

Read the original article on African Development Bank (AfDB).

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