{"id":250768,"date":"2024-11-14T11:53:31","date_gmt":"2024-11-14T11:53:31","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/14\/jospong-group-seeks-400m-afrexim-bank-funding-for-africa-projects\/"},"modified":"2024-11-14T11:53:31","modified_gmt":"2024-11-14T11:53:31","slug":"jospong-group-seeks-400m-afrexim-bank-funding-for-africa-projects","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/14\/jospong-group-seeks-400m-afrexim-bank-funding-for-africa-projects\/","title":{"rendered":"Jospong Group seeks $400M Afrexim Bank Funding for Africa Projects"},"content":{"rendered":"<p><\/p>\n<div>\n<p>At the sidelines of COP29, Jospong Group of Companies (JGC) has 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.<\/p>\n<p>The waste management project involves building nine plants to turn waste into recyclable materials, fertilizers, and valuable products. Additionally, the Jospong Group is investing in transfer stations and augmenting waste collection services in Lagos.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107464\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/IMG-20241114-WA0024.jpg\" alt=\"\" width=\"1280\" height=\"854\"  \/>Jospong Group\u2019s Chief Investment Officer, Noah Gyimah, emphasised the need for broader discussions with Afrexim Bank to support the Group\u2019s investment efforts across Africa.<\/p>\n<p>\u201cThe interesting part of that conversation was the various options they offer, including research and development funding for feasibility studies at accommodating rates,\u201d Gyimah noted.<\/p>\n<p>Jospong Group is expanding across Africa, with advanced discussions underway in Nigeria, Uganda, and Kenya, aiming to replicate its successful waste management model.<\/p>\n<p>As part of the financing arrangement, JGC plans to source an additional $50 million for its rice project in Ghana.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107465\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/IMG-20241114-WA0025.jpg\" alt=\"\" width=\"1280\" height=\"854\"  \/><\/p>\n<p>\u201cThey expressed great interest in food security and funding options for our rice production business,\u201d Gyimah stated.<\/p>\n<p>Gyimah stressed the need for further conversations with Afrexim Bank\u2019s leadership to prioritize key projects, outline project stages and explore opportunities for collaboration.<\/p>\n<p>Jospong Group\u2019s subsidiary, Asian-African Consortium, is scaling up Ghana\u2019s rice industry by investing in high-quality seeds, modern production technologies, and training for smallholder farmers.<\/p>\n<p>The goal is to replace imported rice, addressing Ghana\u2019s urgent need for local production. Rice consumption has nearly tripled in the past decade, with individuals consuming approximately 45 kilograms per year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107463\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/IMG-20241114-WA0023.jpg\" alt=\"\" width=\"1280\" height=\"854\"  \/>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\u2019s import substitution objectives.<\/p>\n<p>Ghana 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.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107462\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/IMG-20241114-WA0022.jpg\" alt=\"\" width=\"1280\" height=\"854\"  \/><strong>Partnership with Afrexim Bank<\/strong><\/p>\n<p>The partnership offers Jospong Group access to advisory services and funding at competitive rates. Afrexim Bank\u2019s expertise will fast-track the lending process and support Jospong Group\u2019s growth plans.<br \/>This strategic partnership will enable the Jospong Group to drive sustainable development and economic growth in Africa.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>At the sidelines of COP29, Jospong Group of Companies (JGC) has 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. The waste management project involves building nine plants to turn waste into recyclable materials, fertilizers, and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":250769,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-250768","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jospong Group seeks $400M Afrexim Bank Funding for Africa Projects - Ghanamma.com<\/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:\/\/www.ghanamma.com\/2024\/11\/14\/jospong-group-seeks-400m-afrexim-bank-funding-for-africa-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jospong Group seeks $400M Afrexim Bank Funding for Africa Projects - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"At the sidelines of COP29, Jospong Group of Companies (JGC) has 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. 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