OCP Africa and the International Islamic Trade Finance Corporation (ITFC) announced the signing of a Memorandum of Understanding (MOU). Besides, to promote strategic financing, innovation and agricultural capacity-building measures in Africa.
The agreement which can strengthen collaboration
The agreement, which aims to increase production yields and increase the incomes of African farmers. Too, signed by Karim Lotfi Senhadji and Eng. Hani Salem Sonbol, Managing Director of OCP Africa and Managing Director of ITFC respectively.
Under this agreement, however, the subsidiary of the OCP Group and the member institution of the Islamic Development Bank (IDB) Group agree to strengthen their collaboration in various areas. Besides, that could contribute to the improvement of the agricultural sector on the continent.
These include training farmers in good agricultural practices. Soil analysis and fertilization advice to help increase agricultural yields. Moreover, support for innovation and digital transformation of agriculture. And, capacity building and support for young people for sustainable and inclusive development, the two sides said in a joint statement.
A new campaign of the OCP
As part of this partnership, the signatory parties plan to jointly launch a new campaign. Also, it is the OCP School Lab in Senegal, OCP Africa’s flagship program.
Moreover, this program aims to increase the yields and incomes of small farmers. On strategic crops through “interactive training sessions with demonstrations on good agricultural practices. And, the dissemination of illustrated videos in local dialects for greater impact”, it is recalled.
The program also offers a mobile laboratory to conduct soil analyses. Moreover, using the latest innovations (infrared rays, Data, and computerized machines) and training on soil needs and fertilizer recommendations, the statement added.
Cooperation between OCP Africa and the ITFC
The cooperation between OCP Africa and the ITFC, which provides important support contributing to food security in sub-Saharan Africa, “is fully in line with the ITFC’s mandate. To assist in the development of strategic value chains in member countries of the Islamic Cooperation Organization (OIC),” said Eng. Hani Salem Sonbol assuring that this partnership is a real asset for the promotion of the agricultural sector in Africa.
In this regard, he noted that “the services provided by the ITFC for the agricultural sector. Whether in terms of trade finance or technical assistance, increased considerably in recent years. Too, targeting crucial sectors of value chains, ranging from agricultural inputs to processing and pre-export to export”, indicating that the sector is also one of the value chains that are ready for innovation and SME development.
“The smallholder farmer is at the heart of OCP Africa’s strategy to support the transition from subsistence agriculture to a modern and sustainable agro-industry,” said Karim Lotfi Senhadji.
Also quoted in the communiqué, he said that “our objective is to contribute to strengthening the continent’s agricultural ecosystems in order to enable African farmers to prosper”.
OCP Africa secures fertilizer production
In this context, the merger between the ITFC and the entity founded in 2016 by the OCP Group “will support our efforts to train farmers on best agricultural practices. Analyze soil for specific fertilizer recommendations, facilitate access to finance and improve market access,” he said.
Dedicated to the African continent, OCP Africa actively works to secure competitive fertilizer production near major agricultural basins. Also, strengthen existing logistics capacities and contribute to the development of new local distribution networks, serving the entire agricultural sector.
As for the ITFC, the communiqué recalls that trade finance approvals for the food and agriculture sector amounted to $749.6 million in 2018. This corresponds to 14.4% of the total trade finance portfolio, an increase of 71% compared to the previous year. He added: “Sub-Saharan Africa accounts for 50% of the food and agriculture sector funding provided by ITFC in 2018”.
(Featured image by sutirta budiman)
First published in libe, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. B2I is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Fashion Company Blowhammer’s Campaign Started on Mamacrowd
Blowhammer is a clothing brand founded in 2013 in the province of Naples thanks to Salvatore Sinigaglia. The goals the...
The Fintech Company Smava Reports Earnings Figures for the First Time
Smava is one of those fintech companies whose long-term potential is very difficult to estimate - even for investors. Should...
From Euphoria to Disenchantment: BlackRock Cuts its ESG Investment
Although investments focused on ESG standards may lose appeal, a Deloitte report published last April states that they will account...
Drastic Devaluation: Raisin Loses Unicorn Status
Raisin had, after all, merged with its Hamburg-based rival Deposit Solutions ("Zinspilot") last summer. Strictly speaking, the roughly $741-$953 million...
Spanish Pharma Companies Increased 23% their Profit in Q1
Rovi's increase was mainly driven by the strength of the third-party manufacturing business, which grew by 167%. Farma posted a...
Crypto2 weeks ago
Why the Fear & Greed Index for Bitcoin Falls to 11
Cannabis2 weeks ago
German Health Minister Wants to Speed Up Cannabis Legalization Process
Featured2 weeks ago
Volatility Reigns: Are We in a Bear Market?
Business2 weeks ago
The Story of Illiquid Woe: Coming to a Bond Market Near You Soon