Mpongwe in $2m silos boost

Mpongwe in $2m silos boost

AGDEVCO has committed about US$2 million to NWK Grain Handlers Limited (NGHL) for the financing of grain silos and handling equipment.

AgDevCo, which is a social impact investor and project developer, has partnered with two investors to create a joint venture with NGHL to buy grain from smallholder farmers in Mpongwe.

The organisation has further injected US$71,356 for a 10 percent equity stake in the company, according to a statement obtained by the media recently.

Last year, the organisation provided access to a formalised market for maize, wheat, soya and sunflower to 2,500 smallholder farmers.

The organisation, which operates exclusively in the agriculture sector in Africa, will this year develop a new site to accommodate the growing number of smallholder farmers expected to reach over 5,000.

“Output has been increased to 15,388 tonnes in 2015 compared to 8,199 tonnes in 2014. This is against the start-of-year target of 15,000 tonnes. Food security has improved despite lack of rainfall which severely affected the availability of grains.

“The business buys directly from small-scale farmers, offering farmers transparent prices and cash on delivery. AgDevCo has committed US$2,071,356 investment and a depot is being established this year in the Copperbelt,” it reads.

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