FAO CEREAL PRICE INDEX INCHES UP IN SEPTEMBER
The United Nations’ Food and Agriculture Organization’s (FAO) Cereal Price Index inched up in September but is still 14.6% below its value a year ago. The overall FAO Food Price Index averaged 121.5 points in September, nearly unchanged from its value in August.
The monthly increase was led by a 5.3% increase in international coarse grain prices. Corn (maize) prices increased by 7% due to strong demand for Brazil’s supplies, slower farmer selling in Argentina, and increased barge freight rates due to low water levels on the Mississippi River in the United States. International wheat prices continued to drop, falling by 1.6% month-on-month, underpinned by ample supplies in Russia. The FAO All Rice Price Index edged slightly down by 0.5% month-on-month in September. The FAO Vegetable Oil Price Index averaged 120.9 points, down 5 points (3.9%) from August.
(Link: WorldGrain)
BANKS SUPPORT AGRICULTURE IN WEST AFRICA
The African Development Bank Group and the ECOWAS Bank for Investment and Development (EBID) have signed an agreement for a dual currency line of credit consisting of $50 million and €50 million to support local agricultural businesses in West Africa. The agreement was formalized at the African Development Bank’s Abidjan headquarters on Oct. 5. Additionally, the Africa Growing Together Fund (AGTF), managed by the African Development Bank, will provide an additional $30 million in co-financing.
“This agreement underscores our strong commitment to harness the continent’s limited resources to deliver, with speed and at scale, quality investments to help address the ever-increasing trade finance gap in Africa while working with strategic regional partners like EBID and – through you – local commercial banks,” Quaynor said.
EBID is the development finance institution of the Economic Community of West African States (ECOWAS) and is composed of 15 member states, is committed to financing developmental projects and programs covering diverse development initiatives in the private and public sectors. The African Development Bank Group is Africa’s premier development finance institution with three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).
(Link: WorldGrain)
