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World Bank Group member International Finance Corporation (IFC) has announced an investment of $54 million in Habesha Breweries S.C. to help the company expand operations in Ethiopia and increase local barley sourcing from smallholder farmers.

IFC and the Dutch development bank (FMO) will help Habesha to support farmers access to improved seed varieties and other agricultural inputs and provide best practices on agronomy and business management to improve their income. The IFC funded project is expected to boost income for almost 15,000 smallholder barley farmers, double farm yields of participating barley producers and create more than 500 jobs.

The recent funding agreements to support agricultural and other sectors by IFC are mention below:

January 2020: IFC, announced a finance agreements with Morocco’s leading fruit producers Zalar Agri, to provide $24 million to boost fruit production and create jobs to spur export-led economic growth in rural Morocco.

December 2019: IFC, has signed an agreement with the Sustainable and Renewable Energy Development Authority (SREDA) of Bangladesh. As per the agreement, IFC will support a solar power plant of 35-50 megawatt capacity in the Kushtia district. The pilot project will be developed under a public-private partnership model.

December 2019: IFC announced a financing agreement with The Government of the Solomon Islands for the Tina River Hydropower Project. IFC will provide $200 million for the 15-megawatt Hydropower Project. The new project will pave the way for the country to reduce its greenhouse gas emissions by two and half times its 2025 target.

November 2019: IFC and the North American Development Bank (NADB) grant loans to Infraestructura Energética Nova SAB de CV (IEnova), to support renewable energy projects in Mexico. The finance will help four solar power plants with a total capacity of 376 MW.

November 2019: IFC, announced an investment of approximately $70 million in Uganda’s electricity distribution utility firm, Umeme Limited, to increase the reliable supply of electricity to homes in Uganda, and supporting the economic & social development of the country.

About International Finance Corporation (IFC)

International Finance Corporation (IFC), a member of the World Bank Group, and the largest global development institution focused on the private sector in emerging markets. IFC works with around 2,000 businesses globally. IFC uses its capital, technical expertise, global experience, and influence to create markets and opportunities in remote areas. With the help of long-term financing for developing countries, it leverages power to the private sector to end extreme poverty and boost shared prosperity in the region. IFC is a leading mobilizer of third-party resources for projects in a developing country.

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