AfDB to fund two Ethiopia-based agricultural companies through the Agriculture Fast Track Fund
(Ecofin Agency) - The African Development Bank (AfDB) announced yesterday May 7, it signed two agreements to finance agricultural companies in Ethiopia through the Agriculture Fast Track Fund.
Co-financed by the USA, Denmark and Sweden, this fund (estimated at $23 million) covers design costs of bankable agricultural projects.
The companies selected for this financing include Zebad General Export Import Plc. and HAE Spice and Baltina. The first which is a coffee-processing firm will receive $150, 000 to conduct feasibility studies and Environmental and Social Impact Assessment (ESIA) of Commercial coffee processing plant and commercial farm. As for the second company which specializes in organic farming, it will be awarded $195,000 to conduct detailed feasibility studies for the implementation of an initiative based on red pepper and tropical spices’ fair trade within the country.
According to Abdul Kamara, AfDB's operations manager in Ethiopia, this financial commitment is part of a large plan initiated by the bank in March 2018 to support 12 new projects in 10 countries under the Agriculture Fast Track Fund.