IFC, a member of the World Bank Group, today announced a new financing transaction that takes its annual investments in Africa’s agribusiness sector in fiscal 2008 to more than $70 million, a five-fold increase over its average for the last three years. To support private sector–led development of the sector in Africa and alleviate the burden of soaring food prices for poor people, IFC aims to sharply increase its investments to $400 million in the next two to three years.
IFC’s $5 million loan to Bakhresa Grain Milling Malawi brings total investments in Africa’s agribusiness sector this fiscal year to $72.5 million. BGM Malawi will use the loan to refinance part of its short-term debt, incremental working capital needs, and recurrent capital expenditures. IFC’s loan will also help the company produce more food and create additional employment.
In addition to BGM Malawi, IFC invested in the agribusiness sectors of Ghana, Kenya, Tanzania, and Uganda in fiscal 2008, which ended June 30.
“Agriculture is a vital engine for economic development in Africa and contributes a major portion of GDP, employment, and foreign exchange earnings,” said Thierry Tanoh, IFC Vice President for Sub-Saharan Africa. “Increasing our activities in the sector is a vital part of IFC’s strategy to support private sector development and address challenges facing African businesses.”
IFC supports projects across the food supply chain, including processing, logistics, and distribution. IFC integrates advisory services with investments to provide comprehensive support to those who need it most. It is also developing new products, including local currency financing, risk-sharing facilities, and comprehensive support to farmers through intermediaries to serve clients’ needs. The goal is to help develop an efficient and competitive private agribusiness sector.
IFC works with private sector development partners and governments to create the necessary conditions for increasing investments in agribusiness. This includes efforts to improve infrastructure, including water reservoirs and storage facilities, and administrative reforms to strengthen the business environment.
Through these measures, IFC hopes to address the numerous challenges that constrain the role of agribusiness in Africa’s economic development. These include poor crop yields due to limited mechanization of farms, fragmented markets, price controls, limited infrastructure, and unsustainable pressure on land, water, and other natural resources.
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's
vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.
Tuesday, 1 July 2008
Malawi star moves to Sweden
Malawi striker Russell Mwafulirwa has moved to Sweden
Malawi striker Russell Mwafulirwa has joined Swedish premiership strugglers IFK Norrkoping on a thee and half year contract from South African side Ajax Cape Town.
The cost of the deal was not revealed but Norrkoping's sporting director Mats Jingblad said he was a good signing.
"I think all his qualities will fit perfectly in our team," Jingblad told the club's website.
"We are waiting for all the paper work to be completed and hopefully he will join our team next week."
Jingblad described the 25-year-old striker, whose six seasons in the South African league included a stint at Jomo Cosmos, as a big, powerful player with a lot of qualities.
Mwafulirwa scored eight times in 28 appearances for Ajax Cape Town last season.
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Malawi striker Russell Mwafulirwa has joined Swedish premiership strugglers IFK Norrkoping on a thee and half year contract from South African side Ajax Cape Town.
The cost of the deal was not revealed but Norrkoping's sporting director Mats Jingblad said he was a good signing.
"I think all his qualities will fit perfectly in our team," Jingblad told the club's website.
"We are waiting for all the paper work to be completed and hopefully he will join our team next week."
Jingblad described the 25-year-old striker, whose six seasons in the South African league included a stint at Jomo Cosmos, as a big, powerful player with a lot of qualities.
Mwafulirwa scored eight times in 28 appearances for Ajax Cape Town last season.
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UK theatre group dates Malawi
A United Kingdom group Oval House performs in Malawi this weekend with its play Moj of the Antarctic: An African Odyssey.
The group is set to give Malawians a chance to experience and appreciate the creativity of theatre in UK.
The group opens their first performance at French Cultural Centre in Malawi’s commercial city of Blantyre on Saturday night before another performance at the same venue on Monday.
Oval House then takes the play to the Southern African country’s capital of Lilongwe on July 11 performing at Umunthu theatre before winding up with another performance the following day.
Malawians are expected to cough about 3 US$(500 Malawi Kwacha) to watch the play.
Programmes Officer for British Council in Malawi, Muthi Nhlema told the country’s paper of the Sunday Times last week that the show was part of the British Council’s initiative to foster cultural exchange between Malawi and UK.
According to the Sunday Times, the play is inspired by the true story of a 19th century Africa.-American slave woman, Ellen Craft, who successfully escaped to freedom disguising herself as a Whiteman.
The play is solely performed by UK born Nigerian, Mojisola Adebayo, with the production encompassing video, poetry, dance, music, story telling, song and original photography.
The theatre performance of the group is also part of a four country tour which also includes Botswana, Mauritius and South Africa.
The UK group is coming in just a week after French based guitarist Thibault Cauvin also performed in the country.
The group is set to give Malawians a chance to experience and appreciate the creativity of theatre in UK.
The group opens their first performance at French Cultural Centre in Malawi’s commercial city of Blantyre on Saturday night before another performance at the same venue on Monday.
Oval House then takes the play to the Southern African country’s capital of Lilongwe on July 11 performing at Umunthu theatre before winding up with another performance the following day.
Malawians are expected to cough about 3 US$(500 Malawi Kwacha) to watch the play.
Programmes Officer for British Council in Malawi, Muthi Nhlema told the country’s paper of the Sunday Times last week that the show was part of the British Council’s initiative to foster cultural exchange between Malawi and UK.
According to the Sunday Times, the play is inspired by the true story of a 19th century Africa.-American slave woman, Ellen Craft, who successfully escaped to freedom disguising herself as a Whiteman.
The play is solely performed by UK born Nigerian, Mojisola Adebayo, with the production encompassing video, poetry, dance, music, story telling, song and original photography.
The theatre performance of the group is also part of a four country tour which also includes Botswana, Mauritius and South Africa.
The UK group is coming in just a week after French based guitarist Thibault Cauvin also performed in the country.
Malawi suspends maize export to Zimbabwe
Malawi has suspended exporting of grains to Zimbabwe in an effort to expand her capacity regarding strategic grain reserves from the current 60, 000 metric tones to 200, 000. Officials say this is the result of sharp increase of transportation costs linked to the rise of oil prices.
Officials however say, the move has been agreed upon by both parties Malawi and Zimbabwe.
It is said Malawi would resume the supplies March next year to satisfy a contract of 400, 000 metric tones the two countries signed last year.
Malawi is expanding its grain reserves, as a resolve to permanently deal away with unforeseen food shortages.
This year Malawi has registered a third consecutive bumper harvest under President Bingu wa Mutharika, coming from a backdrop of perennial food shortages before 2004 when he assumed office.
Speaking during in Blantyre Chief Executive of National Reserve Agency (NFRA) Edward Sawerengera, said government has deferred Zimbabwe export to March next year and that this year, they would concentrate on the project to expand reserve capacity from 60, 000 to 200, 0000.
“There will be no Zimbabwe export this, we have deferred it to next year March, the advantage is that there were clauses in the contract that we can suspend when we get preoccupied with other activities,” he said.
“This arrangement has been agreed upon and our counterparts in Harare are aware this,” he said.
Sawerengera further said: “The project to increase the reserves to 200,000 would ensure us to keep grain adequate to feed the country’s 12 million people the whole year, currently we can only feed the country for three months in critical situation,” he said.
He said his organization which is a government arm, does not wait for a crisis, that is why, it is announcing plans to expand capacity.
A number of international relief organizations including World Food Programme and European Union rely on NFRA’s Strategic Grain Reserve on grain supplies for their projects.
“We are stocking humanitarian grain reserves for World Food and European Union projects, the conditions remain the same that we advise them against grain type of Genetic Modified Organism (GMO),” he said.
Sawerengera said Agriculture Development and Marketing Corporation (ADMARC) and private traders are the ones that supply the grain to the reserves.
General Manager for Admarc, Charles Matabwa said they are expected to open their grain markets in October when the official buying season closes and when there are signs of grain shortage on the market.
“Currently we are centralized, only selling to major public institutions like public schools, prisons, hospitals etc,” he said.
He said they have revised a system on how institutions can acquire grain from them in large quantities, say they require them to apply, under go scrutiny before their tenders are accepted.
Officials however say, the move has been agreed upon by both parties Malawi and Zimbabwe.
It is said Malawi would resume the supplies March next year to satisfy a contract of 400, 000 metric tones the two countries signed last year.
Malawi is expanding its grain reserves, as a resolve to permanently deal away with unforeseen food shortages.
This year Malawi has registered a third consecutive bumper harvest under President Bingu wa Mutharika, coming from a backdrop of perennial food shortages before 2004 when he assumed office.
Speaking during in Blantyre Chief Executive of National Reserve Agency (NFRA) Edward Sawerengera, said government has deferred Zimbabwe export to March next year and that this year, they would concentrate on the project to expand reserve capacity from 60, 000 to 200, 0000.
“There will be no Zimbabwe export this, we have deferred it to next year March, the advantage is that there were clauses in the contract that we can suspend when we get preoccupied with other activities,” he said.
“This arrangement has been agreed upon and our counterparts in Harare are aware this,” he said.
Sawerengera further said: “The project to increase the reserves to 200,000 would ensure us to keep grain adequate to feed the country’s 12 million people the whole year, currently we can only feed the country for three months in critical situation,” he said.
He said his organization which is a government arm, does not wait for a crisis, that is why, it is announcing plans to expand capacity.
A number of international relief organizations including World Food Programme and European Union rely on NFRA’s Strategic Grain Reserve on grain supplies for their projects.
“We are stocking humanitarian grain reserves for World Food and European Union projects, the conditions remain the same that we advise them against grain type of Genetic Modified Organism (GMO),” he said.
Sawerengera said Agriculture Development and Marketing Corporation (ADMARC) and private traders are the ones that supply the grain to the reserves.
General Manager for Admarc, Charles Matabwa said they are expected to open their grain markets in October when the official buying season closes and when there are signs of grain shortage on the market.
“Currently we are centralized, only selling to major public institutions like public schools, prisons, hospitals etc,” he said.
He said they have revised a system on how institutions can acquire grain from them in large quantities, say they require them to apply, under go scrutiny before their tenders are accepted.
Malawi govt. okays research into genetically modified crops
Blantyre, Malawi - Malawi has finally opened its doors to genetically mod ified crops (GMOs) despite fears still lingering among consumer rights groups.
"Yes, cabinet has approved the National Bio-technology and Bio-safety bill," said Alec Manda, the acting Director of the National Research Council of Malawi.
Manda said with the policy now in place Malawi can now start using products that are genetically modified.
He said what remains now was for scientists to start field trial in testing genetically modified crops developed outside the country.
"What that means is that we have completed the regulatory process which started with the Bio-safety Act, the enactment of the Bio-Safety Act in the year 2002; the formulation of regulations in the year 2007; and just today cabinet has approved the National Bio-technology Policy," he said.
But the Consumers Association of Malawi (CAMA) has since warned government to tread carefully when introducing the GMOs into the market.
CAMA's acting Executive Director Andrew Ussi said the consumer rights watchdog would closely monitor events as the country prepares to introduce genetically modified crops.
"Our current position is that before any food is being introduced on the market the consumer has to be informed as to the benefits of that GMO food to his body, to the environment and, for posterity's sake, as well as the other plants that will be grown surrounding that crop," he said.
Ussi said the consumer rights group would ensure that there was proper trial bef ore the GMOs are introduced.
"our mission is to promote and protect consumer rights in Malawi," he said, adding that such rights included the right to information.
"The consumer has to be informed on each and every product that comes onto the market in terms of the manufacturer, ingridients and every everything," Ussi added.
But Manda of the National research council of Malawi, said there was no cause for worry, adding that a special Bio-technology and Bio-safety Committee, comprising scientists and other experts, had been set up to oversee the trial.
"We have to test these GMOs or GMO crops which have been developed outside the country; to test them under Malawian conditions; how do they perform," he said. " We are not going to start by developing our own GMOs."
Manda said the research and evaluation could take as long as three years.
"We have to see how they peform under Malawian conditions; It is only after the researchers have established that those perform well then there will be another process now to see if they can be commercialised," he said.
The issue of genetically modified foods became a sensitive issue between the years 2002 and 2003 when Malawi was hit with a severe food crisis which forced the government of former President Bakili Muluzi to accept genetically modified food from the West, especially the US.
"Yes, cabinet has approved the National Bio-technology and Bio-safety bill," said Alec Manda, the acting Director of the National Research Council of Malawi.
Manda said with the policy now in place Malawi can now start using products that are genetically modified.
He said what remains now was for scientists to start field trial in testing genetically modified crops developed outside the country.
"What that means is that we have completed the regulatory process which started with the Bio-safety Act, the enactment of the Bio-Safety Act in the year 2002; the formulation of regulations in the year 2007; and just today cabinet has approved the National Bio-technology Policy," he said.
But the Consumers Association of Malawi (CAMA) has since warned government to tread carefully when introducing the GMOs into the market.
CAMA's acting Executive Director Andrew Ussi said the consumer rights watchdog would closely monitor events as the country prepares to introduce genetically modified crops.
"Our current position is that before any food is being introduced on the market the consumer has to be informed as to the benefits of that GMO food to his body, to the environment and, for posterity's sake, as well as the other plants that will be grown surrounding that crop," he said.
Ussi said the consumer rights group would ensure that there was proper trial bef ore the GMOs are introduced.
"our mission is to promote and protect consumer rights in Malawi," he said, adding that such rights included the right to information.
"The consumer has to be informed on each and every product that comes onto the market in terms of the manufacturer, ingridients and every everything," Ussi added.
But Manda of the National research council of Malawi, said there was no cause for worry, adding that a special Bio-technology and Bio-safety Committee, comprising scientists and other experts, had been set up to oversee the trial.
"We have to test these GMOs or GMO crops which have been developed outside the country; to test them under Malawian conditions; how do they perform," he said. " We are not going to start by developing our own GMOs."
Manda said the research and evaluation could take as long as three years.
"We have to see how they peform under Malawian conditions; It is only after the researchers have established that those perform well then there will be another process now to see if they can be commercialised," he said.
The issue of genetically modified foods became a sensitive issue between the years 2002 and 2003 when Malawi was hit with a severe food crisis which forced the government of former President Bakili Muluzi to accept genetically modified food from the West, especially the US.
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