• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    East African Community Unveils Bioeconomic Strategy for the next Decade
    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent’s Food Security
    Ghana & Nigeria to Improve Cross-Border Trade
    Tanzania Seeks to Reach New Record Cashew Production by 2025
    Nestle Nigeria Capitalized Rural Women to enable Financial Capacity and boosting Standard of Living
    World Trade Organization published…Trade plays an Important facet in Access to Medical, Goods and Services
    African Development Bank Group President Calls for More Partnerships to Build Africa’s Social Infrastructure
    Ghana, Key Stakeholders: Sign a Renewable Energy Agreement Worth US$69.88 Million to Improve Access and Socio-Economic Development
    Africa Development Bank Approves $1.5 Billion Facility to Counter Food Crisis on the Continent
    Sh32 Billion of Phase 2 of Second Container Terminal of the Kenya Ports Authority at the Port of Mombasa is finished off and…commissioning in June of 2022

    $28.5 Million Agreement signed by the Sierra Leone Government with the International Fund for Agriculture Development

    Posted On 07 Dec 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Suagibu –

    Photo Credit: Istock

    NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Government of Sierra Leone through the Ministry of Finance on the 3rd December 2019 signature a $28.5million financing agreement with the International Fund for Agricultural Development (IFAD) to boost, rice, cocoa and palm oil production under the Agriculture Value Chain Development Project (AVDP). The largest share of the additional funds by IFAD will be devoted to rice production in the inland valley swamps, which is consistent with the priorities of government.

    The project has been triumvirates’ components namely: climate resilient and smart agricultural production, agricultural market development and project coordination and management.

    Dr. Patricia Laverley – Deputy Finance Minister said, 73% of the funds-representing $21.5million will be a loan, while the remaining $7million will be giving as a grant. She noted that agricultural development remains key to the country’s economic development and rural poverty reduction, noting that there is considerable untapped potential for improving production and productivity of both staple and cash crops.

    She said the Agriculture Value Chain Development project will help promote crop diversification to provide flexibility and choice to beneficiaries and support improved nutrition.

    “We will work towards the implementation of this additional financing agreement to achieve its objectives. We will do our utmost to ensure that the resources provided for this project will be used for their intended purposes,” she noted.

    Dr. Laverley furthered that; the project will target roughly 43,000 direct beneficiaries and their families, thereby reaching approximately 260,000 people. She added that the impact IFAD contributions have had over the years in Sierra Leone has been tremendous.

    IFAD Director for West and Central Africa- Lisandro Martin in his remarks said, “We are working towards continuing our support to the government to making agriculture at the center of growth and poverty reduction. Our contribution is meant to advance inclusion efforts. Sierra Leone has seen sustained growth over the years but there is still a lot more to be done, especially the inclusion of women in the agricultural sector.”

    He said, the support from IFAD will help castellated value chain and financial instruments for women and youths in particular so that everybody can benefit from the prowess of the country.

    “We have a strong focus on results and if we see the funds disburse and reach the beneficiaries in a positive way, we can provide additional resources to continue helping the government until the end of 2020,” he noted.

    Deputy Minister of Agriculture and Forestry, Samking Braima said: “The project speaks to our national agricultural transformation program which is the strategic document of the ministry. We are hopeful that by rolling out programme in the coming months, IFAD activities will be visible across the country.”

    www.newafricabusinessnews.com
    Africa’s Most Read and Fastest Growing Global Newspaper. Forward to All www.newafricabusinessnews.com  

    For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

     

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Ghana, NPA Outdoors 6 Retail Premix Fuel Outlets

    Next Story

    Rwanda, Rwf13.8 Billion Power Transmission Facility Launched

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    East African Community Unveils Bioeconomic Strategy for the next Decade

    Posted On 29 Jun 2022

    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent's Food Security

    Posted On 24 Jun 2022

    Ghana & Nigeria to Improve Cross-Border Trade

    Posted On 21 Jun 2022

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Thanks for reading, Africa’s fastest...

    Posted On 27 Apr 2022

    Facebook

    Latest Posts

    East African Community Unveils Bioeconomic Strategy for the next Decade

    Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent's Food Security

    Ghana & Nigeria to Improve Cross-Border Trade

    Recent Posts

    • East African Community Unveils Bioeconomic Strategy for the next Decade
    • Africa Exchange Fair Trade Limited (AFEX) Expands Into Kenya, Target High Commodities Trading While Bolstering the Continent’s Food Security
    • Ghana & Nigeria to Improve Cross-Border Trade
    • Tanzania Seeks to Reach New Record Cashew Production by 2025
    • Nestle Nigeria Capitalized Rural Women to enable Financial Capacity and boosting Standard of Living

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.