COP29: Jospong Group seeks US$400 million Afreximbank funding for Africa projects
The Jospong Group of Companies (JGC) has announced plans to secure US$400 million in funding from the African Export-Import Bank (Afreximbank) to launch comprehensive waste management and rice projects in Lagos State, Nigeria and Ghana. JGC made this known on the sidelines of the 29th Conference of the Parties (COP29), which is taking place in … The post COP29: Jospong Group seeks US$400 million Afreximbank funding for Africa projects appeared first on Asaase Radio.
The Jospong Group of Companies (JGC) has announced plans to secure US$400 million in funding from the African Export-Import Bank (Afreximbank) to launch comprehensive waste management and rice projects in Lagos State, Nigeria and Ghana.
JGC made this known on the sidelines of the 29th Conference of the Parties (COP29), which is taking place in Baku, the capital city of Azerbaijan.
The waste management project involves building nine plants to turn waste into recyclable materials, fertiliser and other valuable products. In addition, the Jospong Group is investing in transfer stations and augmenting waste collection services in Lagos.
The Jospong Group’s chief investment officer, Noah Gyimah, emphasised the need for broader discussions with Afreximbank to support the group’s investment efforts across Africa.
“The interesting part of that conversation was the various options they offer, including research and development funding for feasibility studies at accommodating rates,” Gyimah said.
The Jospong Group is expanding across Africa, with advanced discussions under way in Nigeria, Uganda and Kenya, aiming to replicate its successful waste management model.
As part of the financing arrangement, JGC plans to source an additional $50 million for its rice project in Ghana.
“They expressed great interest in food security and funding options for our rice production business,” Gyimah said.
Gyimah stressed the need for further conversations with Afreximbank’s leadership to prioritise key projects, outlining project stages and exploring opportunities for collaboration.
The Asian African Consortium, a subsidiary of the Jospong Group, is scaling up Ghana’s rice industry by investing in high-quality seeds, modern production technologies and training for smallholder farmers.
The goal is to replace imported rice, addressing Ghana’s urgent need for local production. Rice consumption has nearly tripled in the past decade, with individual Ghanaians consuming approximately 45 kilograms per year on average.
In 2023, the Asian African Consortium partnered with major rice industry players in Thailand and Ghana to develop an integrated rice farming project, aligning with the government’s import substitution targets.
Ghana spent over GHC6.8 billion (equivalent to US$560 million) on rice imports in 2023, despite local production potential.
A partnership between the Jospong Group and the International Rice Research Institute (IRRI) aims to address this problem and foster self-sufficiency in rice production.
Partnership with Afreximbank
The partnership offers Jospong Group access to advisory services and funding at competitive rates.
Afreximbank’s expertise will fast-track the lending process and support the Jospong Group’s growth plans.
This strategic partnership will enable the Jospong Group to drive sustainable development and economic growth across Africa..
Reporting by Wilberforce Asare in Accra
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The post COP29: Jospong Group seeks US$400 million Afreximbank funding for Africa projects appeared first on Asaase Radio.
