The Agri-Finance Platform has spearheaded the African Forum on Investing in Agricultural Value Chains in Abidjan
Abidjan, March 27, 2024 - The Agri-Finance Platform has spearheaded the African Forum on Investing in Agricultural Value Chains. This forum is a part of the agri-finance platform initiated by the International Finance Corporation (IFC), a member of the World Bank Group and a leading private sector-focused development institution in emerging economies. Collaborating with the OCP Group, this initiative was launched in October 2023 with the overarching goal of fostering sustainable food production and distribution systems across Africa. Through its efforts, it aims to bolster skills development, foster job creation, and enhance food security on the continent.
The development of the platform draws on the expertise of INNOVX, a multi-disciplinary and multi-sectoral company affiliated to the Université Polytechnique Mohammed VI (UM6P) and committed to meeting the global challenges of sustainability and contributing to Morocco's technological leadership. Additionally, it capitalizes on the extensive knowledge base of OCP Africa, a subsidiary of the OCP Group (a continent-dedicated subsidiary of the OCP Group).
"Initiated by IFC and OCP Group, the agri-finance platform aims to mobilize $800 million for investment in African agricultural value chains. Against the backdrop of pressing climate challenges and food security concerns, this forum serves as a unique platform for industry key players, researchers, and investors to converge, exchange ideas, and forge partnerships. It provides a valuable opportunity to highlight investment opportunities in agricultural value chains and discuss strategies to overcome barriers to investment," declared Younes Addou, Vice President Agribusiness & Sustainability Solutions INNOVX.
By facilitating access to financing and professional training, the platform endeavors to fortify 30 agricultural value chains across Africa through 60 agricultural financing operations, targeting various crop types to address sectoral growth and resilience challenges.
"Numerous initiatives are underway to develop the agri-food sector and combat food insecurity in Africa. Our platform aims to complement the existing offer by mobilizing, for each targeted value chain, the players interested in its development: private companies, public bodies, NGOs, foundations and development institutions", adds Jean Habay, IFC's Food, Agriculture and Forestry Africa Upstream.
This forum is the first in a series of multi-year events to be held in different countries in sub-Saharan Africa, to catalyze innovation and foster investment for the sustainable structuring of agricultural value chains, and enrich the Agri-Finance Platform.
ABOUT IFC
The International Finance Corporation (IFC), a member of the World Bank Group, is the leading private sector-led development institution in emerging markets. It has operations in more than 100 countries, dedicating its capital, expertise and influence to creating markets and opportunities in developing countries. In fiscal 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, mobilizing private sector capabilities to end extreme poverty and promote shared prosperity in economies grappling with the consequences of multiple global crises. To find out more, visit www.ifc.org
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Abdoul Maiga, amaiga7@ifc.org
Kamilia Lahrichi, klahrichi@ifc.org
ABOUT INNOVX
INNOVX is a multi-disciplinary, multi-sector company committed to meeting the global challenges of sustainability and contributing to Morocco's technological leadership. A subsidiary of Université Mohammed VI Polytechnique (UM6P), INNOVX combines the skills of investor, technology incubator and business developer to design, develop and deploy innovative, high-performance companies and technological ecosystems on an industrial scale, with a strong environmental and social impact. INNOVX operates in strategic sectors essential to food sovereignty, energy and digital transition, such as Agriculture, Social Innovation, Energy, Chemicals and Digital.
For more information, visit our website: www.innovx.ma
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