The U.S. government, through the U.S. Agency for International Development (USAID) and Chipsy for Food Industries, a PepsiCo Egypt company, renewed a partnership that boosts the productivity of farmers and builds a more transparent and sustainable potato supply chain.
U.S. Ambassador Jonathan Cohen, PepsiCo Egypt CEO Mohamed Shelbaya, USAID Mission Director Leslie Reed, and PepsiCo Regional Manager for Sustainable Agriculture Reuben Blackie participated.
The partnership empowers Egyptian smallholder farmers to establish reliable market linkages, increase crop quality and yields, and progress toward internationally recognized standards for sustainable agriculture. During the first year of the partnership, farmers received training and technical recommendations on good agricultural practices, such as targeted use of irrigation and fertilizer. As a result, in the 2019/2020 growing season, hundreds of farmers in Beni Suef significantly increased quality and yield and cut costs, tripling profits.
U.S. Ambassador Jonathan Cohen noted: “This partnership is helping farmers to increase their incomes and improve the well-being of their families.”
Over the next two years, USAID and Chipsy for Food Industries will expand activities to farmers in the Menoufia and Minya governorates and plan to reach 2,500 farmers by 2023. Ultimately, Chipsy plans to use this model throughout its entire smallholder supply chain in Egypt. PepsiCo Egypt also positively impacts Egypt’s farming communities through initiatives such as its locally grown seeds program, which enables the company to produce 100% locally sourced potato chips.
Mohamed Shelbaya, CEO of PepsiCo Egypt said: “For 70 years, developing the agricultural sector has been, and will continue to be one of our top priorities. We have been working closely with the smallholder farmers who are the cornerstone of our agriculture business to develop their capabilities to meet global standards of quality and productivity. Today, we are honored to renew our cooperation with USAID to improve the livelihoods of the smallholder Egyptian farmers by providing them with the technical know-how and the sustainable agriculture practices, to include these farmers in Chipsy’s supply chain.”
This partnership is part of the U.S. government’s ongoing support to Egypt’s agricultural sector, which is helping farmers in Upper Egypt become more self-reliant by establishing connections to domestic and international markets, gaining access to finance, and increasing adherence to food and safety practices.
Since 1978, the American people have invested over $30 billion to further support Egypt’s economic development.
TAJBank Wins Best Islamic Bank for Marketing & Growth Strategy at the Global Islamic Finance Awards (GIFA) 2020.
TAJBank has won the award for Best Islamic Bank for Marketing & Growth Strategy at the Global Islamic Finance Awards (GIFA) 2020.
Receiving the award on behalf of the bank, the Managing Director, Norfadelizan Abdul Rahman noted “We are honoured to be recognised as the Best Islamic Bank for Marketing & Growth Strategy at GIFA. Our vision at TAJBank, is to be the leading African financial institution with a reputation for excellent customer service and innovative solutions. This goes well beyond the recognizance in earnings and returns on equity, but also in ensuring that we sustain world class corporate governance standards and continually raise the bar in exceptional customer service delivery.
“As such, awards like this clearly reflect our sustained commitment towards this vision. and motivates us to continuously deploy innovative financial products that wholly empower our customers and serve their needs.”
TAJBank, widely regarded by industry watchers as a trailblazer, has maintained consistent growth since its inception into the market due to its various innovations in digital and financial services.
Recently, the bank commissioned its 4th office in Sokoto State and also established Nigeria’s first ethical mall, TAJMall, which focuses on providing products and services to meet the evolving needs of its customers.
The Global Islamic Finance Awards celebrates leading financial institutions within the global banking sector who are setting new industry standards and driving innovation in financial services within their various countries.
Banks to Improve Credit to Agriculture Sector, Says CBN
CBN Says Deposit Money Banks Must Improve Credit to Agriculture Sector by 6 Percent to 10 Percent
The Central Bank of Nigeria has said deposit money banks should increase credit facilities to the agriculture sector to better stimulate growth and further economic productivity.
The apex bank said it is important to support growth in sectors that have significant growth potential and can improve the nation’s resilience in the face of external shocks.
Godwin Emefiele, the governor of the central bank, said the banking sector should strive on how to improve loans from 4 percent to 10 percent for the agriculture sector in the next four years.
The governor said “It is imperative from an economic as well as a security perspective, that our banking and financial system works to support growth in sectors that have significant growth potential, and can enhance the resilience of the Nigerian economy, in the face of external shocks.
“Over the next 4 years, the banking sector should consider ways under which it could increase its loans to the agriculture sector from 4 percent to 10 percent by 2024.
“With declining foreign exchange earnings from crude oil, banks should consider supporting agro processing companies that are export oriented.
“President Muhammadu Buhari has approved the establishment of a CBN led Infrastructure Company. In partnership with the Africa Finance Corporation and the Nigerian Sovereign Investment Authority.
“Infra-Corp would enable the use of private and public capital to support infrastructure investments that will have a multiplier effect on growth across critical sectors.
“The Central Bank is seeking to leverage ICT in order to improve access to finance for Nigerians. Improved access to finance through deployment of an inclusive and interoperable payment system would help to reduce the cost of payment services for individuals.
“It is important that we leverage ICT as an enabler for growth in key sectors of the economy. ICT start-ups are emerging to support SMEs, farmers, and in providing quality learning to students affected by the shutdown in schools.”
World Largest Banks Lose $635bn in Value Amid Pandemic
Wells Fargo, Santander Led Losers as Top Banks Lose $635bn in Market Valu
Data presented by Buy Shares indicates that 14 selected major global banks cumulatively lost $635.33 billion in market capitalization. The loss was majorly induced by the coronavirus pandemic between December 2019 and August 2020.
Wells Fargo recorded the biggest slump with a percentage change in the market capitalization at -56.26% followed by Spain’s Banco Santander at -46.16%. JP Morgan Chase’s change in market capitalization was -30.16%. During the period, Japan-based Mizuho Financial Group had the least change at -11.33%.
Intervention by central banks cushioned most facilities from a further slump. According to the research report:
“The drop in valuations for the selected banks could have been much worse if there was no intervention from central banks. The immediate measures taken by regulators to ease restrictions on liquidity and capital, banks have proved beneficial. Although the measures put in place by authorities helped banks, they still face some immediate pressures on their capital and liquidity position, as the length and severity of the outbreak remain uncertain.”
An overview of the individual market capitalization shows that JP Morgan still holds a superior position at $437.2 billion in December 2019 and $305.44 billion as of August 2020. In December last year, Wells Fargo market cap stood at $227.5 billion and in August it stood at $99.5 billion.
At the end of last year, the Bank of America market cap stood at $316.8 billion and by the end of August, the figure stood at $223.01 billion.
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Oil Rises to $43.76 Despite Falling Oil Demand
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