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Tuesday, 09 February 2016

Uganda and Cameroon get AfDB boost for agriculture

The African Development Bank has approved two substantial loans to support agriculture in Uganda and Cameroon. A total of €89.291m will be directed at Cameroon’s oil palm, plantain and pineapple sectors to enhance the competitiveness of the three plants’ value chains by developing infrastructure such as roads and warehouses and training young entrepreneurs. The project will “also create jobs and sustainably improve stakeholders’ incomes in targeted crop sectors” and is expected to “boost inclusive growth” by creating jobs for young people and enhancing food and nutritional security. The project will see the development of rural roads, warehouses, markets, electricity networks and drinking water supply systems and provide support for the establishment institution-building farmer organisations, technical guidance and training. The youth agricultural entrepreneurship component is expected to train around 1,500 young graduates in agro-business. Overall, 242,000 people, half of them women, are expected to benefit directly from the project, which will be implemented over five years and cost a total of €115.081m, jointly financed by the AfDB, the Cameroon government and beneficiaries. Uganda will receive a $76.7m loan for its programme, which focuses on improving farm incomes, rural livelihoods, food security and climate resilience, as well as supporting sustainable natural resources management and agricultural enterprise development.

Source: Public Finance International