African Bamboo grant signing

Ethiopia: AFT awards grant to catalyze local competitiveness

Date: Wednesday, March 19, 2014
The AfDB Resident Representative in Ethiopia Mrs Josephine Ngure and Mr Khalid Duri, African Bamboo Managing Director have signed the 19th March 2013 a grant agreement to finance the preparatory studies for an Integrated Supply Chain for Bamboo Based Floor Board Business.

March 19, 2014. Addis Ababa: The African Development Bank (AfDB) today signed a grant agreement with African Bamboo PLC, an Ethiopian agri-business enterprise working on the Development of an Integrated Supply Chain for Bamboo Based products. The Grant will be used to prepare feasibility studies and market analyses to attract investment capital and also to meet requirements for exports to the United States and the European Union.

Today’s signing ceremony materializes the G8’s vision and strategy for improved Food Security and Nutrition in sub-Saharan Africa. African Bamboo is the first AFT grantee from Ethiopia. The initial contributors to the Fund are the Government of Denmark (DANIDA), the Government of Sweden (Sida) and the US Government (USAID).

The Resident Representative of the AfDB in Ethiopia, Ms. Josephine Ngure said, “This grant demonstrates our commitment to improving the quality of growth in Ethiopia and Africa. As we celebrate our 50th Anniversary this year, African Bamboo is an example of an enterprise through which the Bank seeks to increase agricultural productivity and competitiveness, in line with the Government’s Growth and Transformation Plan”.

“We need to continue supporting such interventions if we are to achieve the goal of economically diverse Africa that includes young and old, women and men, rural and urban communities alike; while increasing attention to green growth in order to establish Africa as the next emerging market”.

The General Manager of African Bamboo, Mr. Khalid Duri thanked the African Development Bank for the timely support and noted that the grant will enable his Company continue working with over 2,000 farmers organized in 32 Cooperatives in the company’s supply chain, there by contributing to improved livelihoods of the rural population.