{"id":18329,"date":"2024-11-14T08:22:43","date_gmt":"2024-11-14T08:22:43","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=18329"},"modified":"2024-11-14T08:22:43","modified_gmt":"2024-11-14T08:22:43","slug":"jospong-group-seeks-400m-afrexim-bank-funding-for-africa-projects","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=18329","title":{"rendered":"Jospong Group Seeks $400M Afrexim Bank Funding for Africa Projects"},"content":{"rendered":"

At the sidelines of COP29, Jospong Group of Companies (JGC) revealed plans to secure $400 million in funding from the African Export-Import Bank (Afrexim Bank) for comprehensive waste management and rice projects in Lagos State, Nigeria, and Ghana.<\/strong><\/p>\n

The waste management project involves building nine plants to turn waste into recyclable materials, fertilizers, and valuable products. Additionally, Jospong Group is investing in transfer stations and augmenting waste collection services in Lagos.
\nJospong Group’s Chief Investment Officer, Noah Gyimah, emphasised the need for broader discussions with Afrexim Bank to support the Group’s investment efforts across Africa.<\/p>\n

“The interesting part of that conversation was the various options they offer, including research and development funding for feasibility studies at accommodating rates,” Gyimah noted.
\nJospong Group is expanding across Africa, with advanced discussions underway in Nigeria, Uganda, and Kenya, aiming to replicate its successful waste management model.
\nAs part of the financing arrangement, JGC plans to source an additional $50 million for its rice project in Ghana.
\n“They expressed great interest in food security and funding options for our rice production business,” Gyimah stated.
\nMr. Gyimah stressed the need for further conversations with Afrexim Bank’s leadership to prioritize key projects, outlining project stages and exploring opportunities for collaboration.
\nJospong Group’s subsidiary, Asian African Consortium, is scaling up Ghana’s rice industry by investing in high-quality seeds, modern production technologies, and training for small holder farmers.
\nThe goal is to replace imported rice, addressing Ghana’s urgent need for local production. Rice consumption has nearly tripled in the past decade, with individuals consuming approximately 45 kilograms per year.
\nIn 2023, 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 objectives.<\/p>\n

\"\"
\nGhana spent over \u00a26.8 billion (equivalent to $560 million) on rice imports in 2023, despite local production potential. The partnership between Jospong Group and IRRI aims to address this issue and foster self-sufficiency in rice production.
\nPartnership with Afrexim Bank
\nThe partnership offers Jospong Group access to advisory services and funding at competitive rates. Afrexim Bank’s expertise will fast-track the lending process and support Jospong Group’s growth plans.
\nThis strategic partnership will enable Jospong Group to drive sustainable development and economic growth across Africa.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

At the sidelines of COP29, Jospong Group of Companies (JGC) revealed plans to secure $400 million in funding from the African Export-Import Bank (Afrexim Bank) […]<\/p>\n","protected":false},"author":1,"featured_media":18330,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1592],"tags":[],"class_list":["post-18329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nJospong Group Seeks $400M Afrexim Bank Funding for Africa Projects - Express News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/expressnewsghana.com\/?p=18329\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jospong Group Seeks $400M Afrexim Bank Funding for Africa Projects - 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